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Insurance Regulator Orders Special Audit Amid Embezzlement Allegations at Sonali Life
The Insurance Development and Regulatory Authority (IDRA) has commissioned the chartered accountant firm Hoda Vasi Chowdhury and Co to conduct a special audit at Sonali Life Insurance in response to allegations of fund embezzlement against the company’s owners. In a directive issued on December 31, IDRA instructed the CA firm to complete the audit within 30 working days.
The audit will focus on the directors’ acquisition of Sonali Life’s shares in 2018 to increase its paid-up capital, involving the verification of the actual number of shares purchased and corresponding monetary transactions. Specific allegations include the payment of a Tk8.95 crore loan from South Bangla Agriculture Bank and Tk1.55 crore from the company’s account against the fixed deposit receipt (FDR) for the purchase of shares by four directors.
Other aspects to be scrutinized include allegations of maintaining family authority on the company’s board, a Tk3 crore payment in 2023 from Sonali Life’s account to Janata Bank for the chairman’s personal business, and the acquisition of a Tk152 crore loan against the company’s FDR for purchasing a building owned by the current chairman. The audit will also examine the purchase agreement of a Tk350 crore building owned by Sonali Life’s chairman and the withdrawal of Tk61 crore from the company between 2021 and 2023 to institutions owned by the chairman.
Additionally, the audit will verify allegations of receiving dividends exceeding declared amounts, the chairman’s expenses for medical, travel, shopping, and studying abroad funded by company funds. Sonali Life Director Sheikh Mohammad Danial faces scrutiny for various allegations, including having a private office within the company and participating in board meetings without being a director since September 12, 2020.
Despite attempts to contact Sonali Life’s Chairman Mostafa Golam Quddus being unsuccessful, Director Danial claimed that unscrupulous officers in the company’s accounts department embezzled money through fake documents, putting the company at risk.
Dhaka Stock Market DSE, Bourse on the second working day of the week, 30th September, ended with a negative performance in Indices and a hike in Turnover from the previous working session. This information is known from DSE sources.
503 crore 90 lakh taka shares were traded on this day. 22 crore 58 lakh more tradings were done in DSE today compared to the previous workday, 29th September, Shares worth Tk 481 crores 31 lakh shares were traded last time, Sunday.
The benchmark DSEX lost 33.61 points or 5,624 The Shariah-based index DSES dropped 7.36 point or 1,263 and the blue-chip index DS30 decreased by 9.57 points or 2,053.
Of the issues traded, 72 advanced, 299 declined and 25 remained unchanged.
Shahjibazar Power Company Limited ranked top gainer on DSE, the share price increased by Tk 4.00 paisa or 9.76 percent. On this day, the share was last traded at Tk 45.00 paisa.
Dhaka Electric Supply Company Limited ranked top loser on the DSE, the share price dropped by Tk 1.80 paisa or 7.56 percent. On this day, the share was last traded at Tk 22.00 paisa.
DSE topped on trade is Pragati Life Insurance Limited 25 crore 35 lakh takas of company shares have been traded.
A total of 27 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 50 lakh 42 thousand 956 shares of the companies were traded. The financial value of which is 65 crore 60 lakh taka
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
