DHAKA – The Anti-Corruption Commission (ACC) has filed a new case against 14 directors of Fareast Islami Life Insurance Company, accusing them of embezzling Tk 45 crore. The case was filed by ACC Deputy Director Syed Ataul Kabir at the Dhaka Integrated District Office on July 31.
According to the case statement, on March 3, 2013, during the 175th board meeting of Fareast Islami Life, the company’s 14 directors and the chief executive officer decided to purchase 33.56% of a plot and a building at 36 Topkhana Road for Tk 229.13 crore.
The ACC claims that the price of the land and building was unnecessarily inflated with the intent to embezzle funds.
The 14 directors named in the lawsuit are:
- Nazarul Islam, Chairman of the insurance company, also the Chairman of Prime Polymer and Fareast Islami Properties.
- Md. Helal Mia, Founder Chairman of Amanat Shah Group.
- Shahriar Khaled, Director of PFI Properties and Northern General Insurance.
- Naznin Hossain, Director of Mosharraf Group and Chairman of Mosharraf Composite Textile.
- Dr. Md. Monowar Hossain, Founding Director of Medinova Medical Services.
- K M Khaled, Chairman of Getco Telecommunication and Getco Agro Vision.
- M A Khalek, Founder of Prime Bank and Prime Foundation, as well as founder of Mac Foundation and Board of Trustee of Prime Asia University.
- Dr. Iffat Jahan, Chairman of Tartex Industries.
- Khandker Mostaque Mahmud, Director of Fareast Islami Life.
- Md. Mizanur Rahman, Director of Fareast Islami Life.
- Mozammel Hossain, Founder Chairman of Medinova Medical Services.
- Rabeya Begum, Shareholder Director of Fareast Islami Life.
- Dr. M Mosharraf Hossain, Independent Director and former Chairman of IDRA.
- Kazi Farid Uddin Ahmed, Independent Director and former MD of PFI Securities.
The former managing director of the company, Md. Hemaet Ullah, has also been named as a defendant in the ACC’s case.
