Former Fareast chairman and director banned from leaving country

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Khandaker Zillur Rahman: The court has banned both former chairman Nazrul Islam and MA Khaleq from leaving the country in connection with the looting of Fareast Islamic Life Insurance A single bench of Justice KM Kamrul Quader passed the order on Tuesday in the wake of the case of six former directors, including the founding director of Fareast Life. Plaintiff’s lawyer AKM Badruddoza confirmed the matter. Although MA Khaleq is currently forced to stay in the country due to passport complications, former chairman Nazrul Islam fled to the United States. According to reliable sources, Nazrul Islam returned to the country in the last week of December and regularly visited the light house on Kamal Ataturk Avenue in Banani as well as the head office of Prime Insurance.

As soon as Nazrul Islam was assured of hope in the country, six former directors of the company filed a case seeking a ban on his (Nazrul Islam) and MA Khaleq’s emigration. These are- Md. Fakhrul Islam, Helal Mia, Kamrul Hasan, Shamsul Haque, Muslima Shirin, Nazneen Hossain and Ayesha Hussain Jahan. However, among 6 people – Md. Fakhrul Islam, who was the founding director and vice chairman of the company, resigned from the board in 2009 after witnessing the corruption of Khaleq-Nazrul Gang. The other six directors were members of the recently removed BSEC.
According to the details of the case, the most criticized incident in the insurance sector of the country is the looting of Fareast Life .
After the board meeting, Nazrul Islam and MA KhaleqHe used to make summaries in such a way that the decision of the board did not match with it. With this sorted summary, he has taken loans from various banks and financial institutions in the name of private and self-interested institutions. Unable to repay these loans, Fareast’s leaned MTDR is coordinated by various banks and overnight the company’s assets fall to zero quota, the liability and liability of which is currently being borne by the policyholders including ordinary shareholders. The whole world is in an image crisis.
The High Court accepted the case for hearing on Tuesday, January 11. This instruction has also been given so that the accused cannot escape. According to those involved in the sector, not only the ban on emigration of Nazrul-Khaleq Gang is sufficient, but also the ban on the sale and transfer of shares and debentures, bonds, etc., along with all movable and immovable assets illegally acquired by them and their families.
It is known that in the last ten years, several thousand crores of rupees have been looted in Fareast Life. In the meantime, based on the special audit report of the Bangladesh Securities and Exchange Commission (BSEC), it has come up in the investigation reports of various organizations.
In this case, the main looting took place between 2012 and 2016. At this time, the company has built a huge empire in the United States by breaking the life fund and FDR. Nazrul Islam. He is currently the Chairman of Prime Insurance Company Limited. Although it is rumored that he and his family members bought more than 10% shares of Prime Insurance anonymously with the loot money of Fareast, violated the insurance law and spread sole dominance over the management of Prime Insurance. Besides, Prasad has opened an equal house and three businesses in the name of himself and his wife. Three and a half crore rupees have been embezzled by showing the purchase of two lands. But thousands of customers of the company are going door to door without getting insurance money.
The Insurance Development and Regulatory Authority (IDRA), the regulatory body for the sector, has got the involvement of former company chairman MA Khaleq. In addition, during the looting, that is, from 2012 to 2016, the company’s independent director and chairman of the audit committee was the current chairman of IDR. Mosharraf Hossain, FCA .
If these looters and the identified corrupt people are not brought under exemplary punishment, the road show of BSEC, the reform initiatives of IDRA will be exposed on foreign soil and the dream of Hon’ble Prime Minister to return to developed countries will be widely hampered.
When multiple news items were published in different dailies including online on the issue, a brawl broke out in the insurance sector. The BSEC dissolved the board of directors of Fareast Life following a court order following a writ petition filed by Md. Fakhrul Islam, the company’s founding director and former vice chairman.

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