BSEC fines Emerald Oil directors

The Bangladesh Securities and Exchange Commission (BSEC) yesterday decided to fine each director of Emerald Oil, except the independent one, Tk 5 lakh for not publishing the financial statement of the fiscal year ending on June 30, 2017.

It also settled on freezing beneficiary owner accounts of the company's sponsors, directors, the chief executive officer, chief financial officer, company secretary and head of internal audit.

According to regulations, listed companies must publish financial statements for investors.

During a meeting on its premises presided over by Chairman M Khairul Hossain, the BSEC also fined a director of Purabi General Insurance, Golam-Fatema Tahera-Khanam, Tk 10 lakh for selling her shares without giving any prior declaration.

The commission also decided to issue a warning on Eastland Insurance for having its post of independent director vacant for over 90 days.