BSEC appoints special auditor to Delta Life

Staff Correspondent | Published: 00:24, Feb 23,2021


The Bangladesh Securities and Exchange Commission has appointed chartered accountant MABS & J Partners as a special auditor to Delta Life Insurance Company Limited.

The BSEC appointed the CA firm last week and asked it to submit its report within a month, BSEC officials said.

BSEC chairman Shibli Rubayat-Ul-Islam said that the regulator came to know about the recent tussle between the Insurance Development and Regulatory Authority chairman and the listed company Delta Life Insurance Company.

The BSEC discussed issues regarding the tussle with both the IDRA chairman and the Delta Life officials, he said.

‘So, the commission has felt it fit to audit the company’s financial accounts to see the actual status of the company,’ Shibli said.

The BSEC has asked the auditor to submit its report within a month, he said.

Earlier on February 7, Delta Life Insurance Company at a press conference alleged that IDRA chairman Mosharraf Hossain demanded Tk 50 lakh in bribes from the company against re-appointing the company’s chief executive officer and calling off appointment of an administrator to the company’s board.

The company on December 7, 2020 filed a complaint with the Anti-Corruption Commission against Mosharraf, alleging that the IDRA chairman demanded Tk 50 lakh in bribes from the company.

IDRA on February 11 suspended the board of directors of Delta Life Insurance Company for four months and appointed Sultan-Ul-Abedine Molla, a former IRDA member, as administrator to the company.

A member of suspended board of Delta Life Insurance Company alleged that the administrator has been appointed for a collateral purpose, namely, to interfere with an investigation on an allegation of corruption by procuring a withdrawal of the complaint through duress.

The allegation came after administrator-run Delta Life Insurance Company on February 17 asked its joint executive vice-president Pollob Bhowmik, the complainant to the ACC, to withdraw the complaint filed against Mosharraf over bribery.

IDRA claimed that the regulator found many anomalies and violations of insurance rules in the company that forced it to appoint the administrator to the board.   

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