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Sonali Life Insurance Company’s former chairman Mostafa Golam Quddus and his six family member directors have embezzled at least Tk 187.84 crore from the company, an audit has found.
The insurance regulator has asked Sonali Life Insurance to explain why the board of directors of the company should not be suspended after failing to provide necessary information to an audit firm appointed by the regulator.
The key stock index in Bangladesh dropped 1.52 percent yesterday, the first trading session after the floor price restrictions for all except 35 companies were lifted, amid nervousness among investors.
The resignation comes four days after CEO's suspension
Just 15 days past a regulatory audit being initiated against him, the chairperson of Sonali Life Insurance has informed that its board of directors had suspended its chief executive officer (CEO) yesterday over allegations of misappropriating funds.