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BSEC Initiates Rupali Insurance Investigation Following Orthosongbad News
A committee has been formed by the Bangladesh Securities and Exchange Commission (BSEC) to investigate the details of how a deceased individual managed to secure a loan from the listed company Rupali Insurance Limited. The committee’s formation follows the disclosure of a news report by a business news portal, Orthosongbad. According to reliable sources from BSEC.
According to sources, the late Managing Director of Rupali Insurance Limited, Md. Nazim Uddin Khan, reportedly obtained a loan from a foreign financial institution listed in the stock market. The loan was secured in the name of Mr. Md. Nazim Uddin Khan, even three years after his demise, using his shares as collateral. This matter came to light following a news report titled “Deceased Person Presented as Insurance Company Director, Resulting in Loan Acquisition” published by the financial news portal Orthosongbad on May 20.
It has been reported that a committee for investigation has been formed by the Bangladesh Securities and Exchange Commission (BSEC), consisting of its Joint Director Syed Mohammad Golam Mowla, Deputy Director M. Nanu Bhuiyan, and Assistant Director M. Mahmudur Rahman. Additionally, the supervisory responsibilities for the investigation activities of the Inspection, Inquiry, and Investigation Section of the organization will be overseen by the Additional Director M. Faruque Hossain.
In a significant development, an order signed by Mohammad Abul Hasan, Director of the Bangladesh Securities and Exchange Commission (BSEC), reveals that an investigation is warranted into a news report published by the online financial news portal “Orthosongbad.” According to the report published on May 20, the late Md Nazim Uddin Khan, who passed away on May 18, 2012, was listed as a director of Rupali Insurance Company in its annual reports for a span of eleven years. During this period, the company’s financial statements presented him as an entrepreneur director, with his investments preserved as a shareholder with collateral bonds in Uttara Finance and Investment Limited. This points to the need for a thorough inquiry into the borrowing of loans from Uttara Finance and Investment Limited.
The Bangladesh Securities and Exchange Commission (BSEC) has directed a special investigation committee to probe four specific issues as part of an official order. The committee will focus on conducting a comprehensive investigation into irregularities concerning the borrowing of loans from Uttara Finance and Investment Limited, holding shares of the late Nazim Uddin Khan. Additionally, the committee has been tasked with identifying the involved officials of Rupali Insurance who facilitated Nazim Uddin Khan’s appointment as the director, even after his demise. The investigation also extends to pinpointing the individuals from EBL Securities associated with keeping Nazim Uddin’s shareholdings hidden. Alongside these matters, the committee is assigned to delve into other aspects of financial impropriety linked to the loan.
Read More: Deceased Person Presented as Insurance Company Director, Resulting in Loan Acquisition
Citing the authority provided by section 17(k) of the Bangladesh Securities and Exchange Commission Act of 1993, the BSEC’s order establishes the formation of this investigation committee. This directive underscores the commission’s commitment to ensuring transparency and accountability within the securities and exchange sector.
In a noteworthy development, it has come to light that Mohammad Nazim Uddin Khan, the former Managing Director of Rupali Life Insurance, who passed away while under medical care at Dhaka’s Dhanmondi Nursing Home on May 18, 2012, was posthumously listed as the company’s director even eleven years after his demise. Furthermore, in 2015, a loan of approximately 3. crore taka was acquired from Uttara Finance and Investment Limited while keeping shares of the deceased director as collateral. This loan was obtained by Fojilatunnesa, a director of the company & the wife of the Chairman of Rupali Life Insurance according to findings from a financial news portal Othosongbad.
Bangladesh Institute of Capital Market (BICM) has organized an investment education program titled “Essentials of Capital Market Investment for Women Entrepreneurs.” This initiative is specifically aimed at female investors and entrepreneurs.
The program took place on Tuesday, September 12th, at BICM’s multipurpose hall. Over a hundred female members from “Women and E-commerce (WE),” an organization comprising numerous women entrepreneurs, participated in this training program.
The chief guest at the event was Dr. Mahmuda Akter, the Executive President of the Bangladesh Institute of Capital Market (BICM). Among the notable attendees were Nasima Akter Nisha, the President and Founder of Women and E-commerce (WE), as well as Irene Parveen, the Executive Director of WE. The executive committee director, Salma Parveen, and Rakiba Parveen, members of BICM’s Women Entrepreneurs and Development Committee, were also present. Additionally, the event was graced by Kashfiya Sharmin, Assistant Professor and Assistant Coordinator of the committee, Dr. Tamanna Islam, Assistant Professor and committee member, S. M. Kalbin Chalima, Lecturer, Faima Akter, Lecturer, and Gaurab Roy, Lecturer, all from BICM.
Addressing the gathering, Professor Dr. Mahmuda Akter highlighted that the Bangladesh Institute of Capital Market (BICM) has been consistently providing training on various relevant subjects in the financial/stock market. As part of this commitment, the institute has organized this training program specifically for women investors. Dr. Mahmuda Akter emphasized the importance of women being well-informed and cautious with their savings when investing in the capital market. She underscored BICM’s dedication to equipping women with the knowledge and skills needed to make informed and secure investments in the capital market.
Irene Parveen, the Executive Director of Women and E-commerce (WE), stated that WE members are actively seeking education not only in e-commerce but also in investment through the Bangladesh Institute of Capital Market (BICM). The aim is to equip WE members with the skills and knowledge required to engage in investments in the capital market alongside their e-commerce ventures.
It’s noteworthy that BICM has been conducting regular “Free Investors’ Education Programs” with the objective of enhancing investment awareness among ordinary investors in the Capital Market. In addition, the institute organizes certificate training programs on various contemporary topics for capital market professionals.
The bilateral meeting between Bangladesh’s Prime Minister, Sheikh Hasina, and French President Emmanuel Macron concluded this morning (11 September), with a focus on diversifying their existing relationship. The meeting took place at the Prime Minister’s Office (PMO) following a one-on-one discussion between the two leaders.
President Macron was warmly received by Prime Minister Hasina at the PMO’s tiger gate upon his arrival at 10:20 am, with a bouquet of flowers. Before the bilateral meeting, both leaders participated in a photo session. Several bilateral agreements and Memorandums of Understanding (MoUs) are expected to be signed in the presence of the two leaders, who will also hold a joint press briefing.
Before departing from the PMO, Macron will sign the visitor’s book. Earlier in the day, he paid tribute to the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman, by laying a wreath at Bangabandhu’s portrait and visited the Bangabandhu Memorial Museum at Dhanmondi-32.
President Macron’s visit to Bangladesh, at the invitation of Prime Minister Sheikh Hasina, aims to solidify ongoing projects and further enhance economic relations between the two nations. This marks Macron’s first visit to Bangladesh, with the last visit by a French president occurring in 1990 when President Mitterrand visited.
Since the early 1990s, the bilateral trade relationship between Bangladesh and France has grown significantly, with total trade rising from €210 million to €4.9 billion today, making France the 5th largest country for Bangladesh’s exports. French companies are now active in various sectors such as engineering, energy, aerospace, and water resources. Both Bangladesh and France hope that President Macron’s visit will elevate their friendly relations to new heights.
Prime Minister Sheikh Hasina visited France in November 2021 at the invitation of President Macron. Foreign Minister AK Abdul Momen has indicated that discussions during Macron’s visit will include strategies to boost trade and investment, addressing climate change, and regulating migration. Climate change and the Rohingya crisis will also be key topics of discussion during their meeting.
Macron’s visit to Bangladesh followed his participation in the G-20 Summit in New Delhi, India.
Indian Prime Minister Narendra Modi concluded the G20 summit on Sunday (10 September), where divisions over the Ukraine conflict and climate change took center stage, granting him a moment in the diplomatic spotlight.
The G20 leaders have been deeply divided over the Ukraine war since Russia’s invasion last year, with Russian President Vladimir Putin notably absent from the summit to avoid political scrutiny. Finding common ground has been a persistent challenge, particularly regarding the ongoing conflict.
In a bid to mitigate a diplomatic embarrassment, India, as the host, pushed for a joint statement on Saturday that condemned the use of force for territorial gain but refrained from direct criticism of Russia. The move was met with mixed reactions, with Kyiv stating that the G20 had “nothing to be proud of,” while Russian Foreign Minister Sergei Lavrov, standing in for Putin, claimed a diplomatic victory by stating that the text didn’t mention Russia.
On Sunday, Modi officially closed the summit by passing a ceremonial gavel to Brazilian President Luiz Inacio Lula da Silva, who will assume the bloc’s presidency in December. Lula emphasized the importance of not letting geopolitical issues overshadow the G20’s discussions and stressed the need for peace and cooperation.
Despite the urgent climate crisis, G20 leaders failed to reach an agreement on phasing out fossil fuels, instead endorsing a target to triple global renewable energy capacity by 2030 and committing to a “phasedown” of coal in line with national circumstances.
Modi, who sees the summit as India’s diplomatic maturation and seeks a permanent seat on the UN Security Council, celebrated the African Union’s accession to the G20, transforming it into a more inclusive “people’s G20.” He also proposed another G20 leaders’ meeting in November via video link, opening the door for Putin and China’s Xi Jinping to participate.
Lula stated that Putin would be welcome to attend next year’s event in Rio de Janeiro, even though Brazil is a signatory to the International Criminal Court (ICC), which has issued a warrant for Putin’s arrest on war crimes charges.
On the summit’s sidelines, Turkish President Recep Tayyip Erdogan held face-to-face talks with Egyptian President Abdel Fattah al-Sisi, marking a significant step in mending a decade-long rift between their countries.
World leaders paid their respects to Mahatma Gandhi, India’s revered independence hero, by visiting the site of his cremation. Many leaders, including Modi, walked barefoot in the rain-dampened area, while others wore slippers as a mark of respect. They observed a moment of silence and laid wreaths at the marble plinth that honors Gandhi’s memory.
