Restructuring the board of Fareast Finance

The board of directors of capital market listed company Fareast Finance and Investment Limited has been reconstituted by the Bangladesh Securities and Exchange Commission (BSEC). On March 29, BSEC appointed six new directors to the company.

According to the sources, BSEC has started reconstituting the boards of Z category or weaker companies considering the interests of investors. Earlier, the boards of several other companies were reconstituted.

According to sources, the company has accumulated a loss of Tk 152.22 crore till December 2019. The company has not been able to pay any dividend to the shareholders since 2016. As a result, the company has been trading in Z category for 2 years and 11 months. That’s why the company’s board has been restructured.

Mohammad Ali Zariab, managing director of the company, told Sunbd that he had learned that the board of BSE’s Fareast Finance was being restructured. The BSEC has taken a timely and bold decision to save investors and customers.

“After joining the company, I saw customers rushing to Siri to get their money back,” he said. No customer is getting a refund. I have recovered around Rs 54 crore since joining. Through this I have returned a lot of money to small customers. And many organizations have done regular loans. Hopefully the company will do better in the future.

Sunbd/NJ