BSEC appoints 12 independent directors to Uttara Finance

Following the directives from the Bangladesh Bank, the Bangladesh Securities and Exchange Commission (BSEC) has appointed 12 independent directors to the scam-hit Uttara Finance and Investment Limited.

The persons determined by the BSEC are: Economist Dr Syed Ferhat Anwar - who has been proposed as chairman of Uttara Finance, Professor Dr Hafiz Md Hasan Babu of Digital Banking, Major General Mohammad Maksudur Rahman of Administration and Governance, Md Moinur Chowdhury from Law Enforcing Agency, Mahfuzul Hoque from Accounting, Chartered Accountant (CA) Md Mahamud Hosain, Economist Mahbub Uz Zaman, CA and Financial Specialist Mohammad Salahuddin Chowdhury, Cost and Management Accountant Mohammad Moniruzzaman, Kawsar Ahmed from Business Law, Associate Professor Mohammad Ariful Islam of Banking Department, and Journalist Monjurul Ahsan Bulbul. 

Earlier on 23 June, the Bangladesh Bank removed Uttara Finance's Managing Director SM Shamsul Arefin for embezzling money from the company, helping others to embezzle, and for hiding information in financial reports.

These irregularities against him were first detected in the inspection of Bangladesh Bank, and later in the report of the audit firm Rahman Rahman Huq (KPMG).

According to the letter issued by Bangladesh Bank regarding the removal of Shamsul Arefin, the CA firm Rahman Rahman Huq (KPMG), which was appointed to carry out a special audit on Uttara Finance under Section 20(3) of the Financial Institutions Act 1993, found massive financial anomalies in the company. 

Uttara Finance has been advised to take legal action against Shamsul Arefin as he is involved in various malfeasance.