Insurance regulator removes Fareast Islami Life’s CEO
The Insurance Development and Regulatory Authority (IDRA) has removed Hemayet Ullah from the post of CEO of Fareast Islami Life Insurance Company, said an official of IDRA.
The insurance regulator informed the company's chairman, Md Rahmat Ullah, about the removal through a letter today and sent a copy of the letter to Hemayet Ullah also.
"We have evidence of all the irregularities. That is why he was removed," SM Shakil Akhter, executive director and spokesperson of the IDRA, told The Daily Star over phone.
Earlier, the stock market regulator had dismissed the board of Fareast Islami Life Insurance to protect investors' interest.
The new board will restructure the top management of the company within six months, Bangladesh Securities and Exchange Commission (BSEC) said in a press release then.
It will be asked to bring back cash and assets and they will take legal action against the culprits who were involved in financial crime and money laundering, the BSEC said.
The new board will ensure that they have no conflict of interest with the insurer and follow insurance act, corporate governance code and securities law.
The BSEC appointed 10 independent directors for the new board.