BB governor requested to close Fareast Finance office

The Bangladesh Securities and Exchange Commission (BSEC), the regulator of the stock market, has reconstituted the board of directors of Fareast Finance and Investment to protect the interests of investors and improve their financial condition. 

However, the former board of the company has filed a writ petition with the High Court (HC) against the decision of BSEC. In this situation, the BSEC has requested the Governor of Bangladesh Bank (BB) to close the office and other official activities of the company till the legal complications related to the reorganization of the board are resolved.

Recently, a letter from BSEC has been sent to BB Governor Fazle Kabir, according to the the central bank sources.

When asked, BSEC Executive Director and Spokesperson Mohammad Rezaul Karim told risingbd that a letter has been sent to the BB Governor to close the office of Fareast Finance and Investment in the interest of investors.

Meanwhile, Sirajul Islam, executive director and spokesperson of Bangladesh Bank, told risingbd that he has not received any instructions in this regard so far. It could be revealed later once any instructions is received.
 
However, Nazmun Nahar, Company Secretary of Fareast Finance and Investment, told risingbd that their official activities are going on.