BSEC appoints special auditor to find out reasons | The Daily Star
12:00 AM, February 23, 2021 / LAST MODIFIED: 03:08 AM, February 23, 2021

DELTA LIFE INS CRISIS

BSEC appoints special auditor to find out reasons

The Bangladesh Securities and Exchange Commission (BSEC) has appointed a special auditor for Delta Life Insurance Company to assess the firm's health.

The move comes following allegations of regulatory breaches by the listed insurer.

The Insurance Development and Regulatory Authority (IDRA) appointed Sultan-ul-abedin Mollah as an administrator of Delta Life Insurance on February 11.

The IDRA said they took this initiative to protect the policyholders' interests and submit a report on the company's situation within four months.

Earlier, Delta Life Insurance accused IDRA Chairman M Mosharraf Hossain of seeking Tk 50 lakh in bribes to approve the reappointment of the company's CEO and renewing the actuarial valuation basis.

The insurer filed a complaint against Hossain with the Anti-Corruption Commission (ACC) on December 7 last year, alleging that he demanded a bribe, and then again on December 9.

"Regarding the ongoing crisis, we listened to a statement from Delta Life Insurance and the IDRA," said Prof Shibli Rubayat-Ul Islam, chairman of the BSEC, during a press briefing.

"After listening to both sides, it seems that there are two stories. So, our duty is to find out the real thing and to that end, we have appointed a special auditor," Islam added.

The press briefing was organised at the BSEC headquarters yesterday by the stock market regulator on the roadshow held from February 9 to 12 in Dubai.

The chairman said foreign investors are interested in major state-run projects despite the lower interest rate.

"They want to invest in the power and infrastructure sectors as well," Islam said, adding that foreign investors are not interested in making short-term investments.

"At the roadshow, we presented Bangladesh's potential. Now, emails are coming everyday to know about the sectors of the country," he said.

To meet their investment demand through just the equity market is difficult and so, the BSEC is working on the bond market.

Major foreign investors are not finding good returns from their own country so they are seeking for other potential places to invest.

"Bangladesh carried a negative image among foreigners in the past but we tried to change their mindset by presenting our economic indicators," the BSEC chairman said.

"They were astonished after seeing our data and asked about the trustworthiness of the data. Then we recommended to check," he added.

Islam also said the regulator will arrange a roadshow in other financial hubs like London, New York, Hong Kong and Singapore to attract more foreign investors.

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