Business Report :
The Bangladesh Securities and Exchange Commission (BSEC) has fined five people Tk 2.73 crore for irregularities in the share trading of Sonali Life Insurance Company Limited.
The regulatory body took this decision in a meeting on March 4 based on an investigation report regarding the company’s share trading.
The convicted individuals are Nurjahan Begum was fined Tk 1 lakh, Md. Sajidul Hasan Tk 75 lakh, Md. Sayadur Rahman Tk 1 lakh, Ferdousi Begum Tk 1 crore 95 lakh and Md. Lutfur Rahman Tk 1 lakh.
In addition, the commission has decided to issue a warning letter against Eastern Bank for violating the securities law in the share trading of Sonali Life.
The investigation covered the period from April 18 to June 11, 2023. During this time, the violators of the securities law violated various securities laws.
The investigation noted that on April 18, 2023, the share price of Sonali Life was Tk 64. It increased by 65 percent to Tk 105.50 on June 11 in two months. The company’s shares were abnormally increased without any price-sensitive information. The investors in question were involved in this.
Incidentally, in January 2025, the Dhaka Stock Exchange (DSE) downgraded Sonali Life Insurance’s shares to the Z category due to its failure to hold an annual general meeting (AGM).
Meanwhile, in October 2024, the Bangladesh Financial Intelligence Unit (BFIU) uncovered financial irregularities worth Tk 353 crore in Sonali Life.
The company’s former chairman, Mustafa Golam Quddus, and his family members were charged with fraud, irregularities, and money laundering.
Sonali Life Insurance was listed on the stock exchange in 2021.
It last paid a 20 percent cash dividend to shareholders in 2022. The year before that, it paid a 15 percent cash dividend in 2021.
