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The Bangladesh Securities and Exchange Commission (BSEC) has extended the deadline for Uttara Finance and Investment Limited to submit a special audit report.
The stock market regulator on Tuesday extended the deadline up to August 30, 2022, for the submission of the special audit report of the company, which was conducted by Rahman Rahman Huq, Chartered Accountants.
In the last year, the securities regulator has dispatched auditors to Uttara Finance to investigate the financial statements of the errant non-bank financial institution.
On June 23, this year, the Bangladesh Bank removed Uttara Finance and Investments Managing Director and Chief Executive Officer SM Shamsul Arefin for his involvement in loan irregularities in the non-bank financial institution.
The central bank sent a letter on the same day to the chairman of the NBFI to take legal action against him.
In early 2021, the NBFI hit the headlines for loan irregularities involving about Tk 6,000 crore, putting depositors’ money at risk.
The central bank unearthed the irregularities while inspecting the financial reports of Uttara Finance until 2020.
The irregularities include lending money to the director’s company without paperwork and paying huge amounts of cash to its chairman for no concrete reason.
Apart from these, the central bank also revealed other irregularities such as creating fake loans to withdraw Tk 335 crore for Uttara Group and the managing director’s involvement in taking out money without any approval.
Each share of Uttara Finance, which was listed on the Dhaka Bourse in 1997, closed at 34.50 on Thursday on the Dhaka Stock Exchange (DSE).
