Shareholder representatives joining Fareast Islami Life board – New Age

BEXIMCO Group's associate companies have secured the right to nominate representatives to Fareast Islami Life Insurance Co. Ltd.'s board after buying a 19.81% stake in the Bangladeshi insurer, New Age reported.

Tradenext International Ltd. bought a 9.91% stake in Fareast Islami Life, while Jupiter Business Ltd. purchased a 9.9% stake.

Tradenext International recommended Beximco Executive Director Mostafa Zamanul Bahar and Shanta Asset Management Vice Chairman Arif Khan join the insurer's board. Jupiter Business' board nominees are Beximco Pharmaceuticals CFO Ali Nawaz, Beximco Textiles General Manager Masum Mia and businessman Jahurul Islam Chowdhury. The Bangladesh Securities and Exchange Commission has approved the companies' bid to nominate their representatives.

The securities regulator also allowed Sheikh Kabir Hossain, Lafifa Jamal, Mozammel Haque, Ibrahim Hossain Khan, Sheikh Mamun Khaled and Rafiqul Islam to join the insurer as independent directors. Fareast Life sponsor Md Helal Miah also became part of the Fareast Islami Life board.

In September 2021, the Bangladeshi regulator restructured Fareast Islami Life's board and nominated 10 independent directors for the insurer. The move came after the regulator found that the insurer's owner embezzled and laundered 21.25 billion taka for personal gain.

The new board members are replacing the ones that the Bangladesh Securities and Exchange Commission nominated for Fareast Islami Life. The members must hold a 2% stake in Fareast Islami Life individually and 30% jointly, according to the report.

As of Feb. 7, US$1 was equivalent to 84.87 Bangladeshi taka.