4 independent directors appointed at Uttara Finance

The Bangladesh Bank has dissolved the board of directors of Uttara Finance and Investments, a non-banking financial institution, and appointed four new members.

The central bank took the decision on Wednesday, Bangladesh Bank Executive Director and Spokesperson Mezbaul Haque confirmed to The Business Standard.

The newly independent directors are – Major General Md Maksudur Rahman, Mohammad Mainur Chowdhury, Mahmud Hossain and Mohammad Salauddin Chowdhury.

Earlier, the Bangladesh Bank dissolved the old board on Tuesday over the institution's financial irregularities.

Mezbaul Haque said the Bangladesh Securities and Exchange Commission sent a list of 12 people, out of which four were appointed as directors. The chairman of the board has not been decided yet. More directors may be added later.

In 2019, the Bangladesh Bank received various information about violation of rules by Uttara Finance, including irregularities involving at least Tk3,440 crore, use of cash money for director's personal work, and withdrawal of money in the name of advance . The then managing director and other directors of the company were involved in this irregularity.

The Bangladesh Bank scrutinised the audited financial statements of Uttara Finance for the year 2019 based on various complaints. After a long investigation in 2020, the central bank gave a number of directions in this regard in 2021.

Later, information related to Uttara Finance's irregularities was also found in the special audit by the external auditor Rahman Rahman Haque.