Calls for removal of accused FIL director

Staff Reporter :

Allegations of massive corruption continue to haunt Fareast Islami Life Insurance Ltd (FIL), a listed company in Bangladesh’s capital market, as pressure mounts to remove directors linked to high-profile embezzlement cases.

A customer of the insurer has formally demanded the ouster of four directors-some of whom are either accused in Anti-Corruption Commission (ACC) cases or are close relatives of the accused.
The complaint was submitted to the Bangladesh Securities and Exchange Commission (BSEC) on Sunday and the similar appeals also placed before the Insurance Development and Regulatory Authority (IDRA) and the Anti-Corruption Commission (ACC).

The complaint specifically calls for the removal of Dr. Mokaddes Hossain – Vice Chairman of the Board, director Md. Mobarak Hossain, director Nazneen Hossain, director Sheikh Mohammad and Independent director Shoaib Nazir.

Fareast Islami Life has been accused of embezzling nearly Tk 2,800 crore through widespread irregularities and corruption. Despite periodic changes in leadership, individuals accused of financial misconduct-or their close relatives-have allegedly continued to dominate the company’s boardroom.

This ongoing control has hampered disciplinary action and stalled efforts to recover misappropriated funds. In the meantime, customers have faced harassment when trying to claim their policy benefits, and the company itself is under severe financial and reputational pressure.

The irregularities first came to light through investigative media reports and were later confirmed by an independent audit conducted by Siraj Khan Basak & Co., appointed by IDRA and BSEC. The findings exposed massive fund mismanagement, prompting the ACC to open multiple cases against those involved.

So far, the ACC has filed four separate cases. On July 31, the commission charged 24 people, including 14 directors of the company, with embezzling Tk 45 crore. The case was filed by ACC Deputy Director Syed Ataul Kabir at the Integrated District Office, Dhaka-1.