The listed life insurance company Popular Life Insurance is almost financially bankrupt due to various irregularities and corruption. The company’s insurance is not able to pay many insurance claims even after the policy expires.
In such a situation, the company has invested in 14 crore 75 lakh placement shares in 6 companies for the sake of the investigation, during the investigation, the accused director of the Dhaka Stock Exchange, Professor Dr. Instructing Abdullah Al Mahmud to abstain from his duties.
According to the investigation report of the Bangladesh Securities and Exchange Commission and Dhaka Stock Exchange, the Bangladesh Securities and Exchange Commission will immediately take necessary measures and inform the Financial Institutions Department, which is in the process of coming to the stock market through an initial public offer (IPO).
From Popular Life Tk 6 crore to Amulet Pharma, B. Brothers Garments Tk 3 crore 60 lahks, Becca Garments Tk 2 crore 45 lakh, Credence Asset Manga Tk 1 crore 25 lahks, Albi Textile Mills Tk 1 crore 20 lakh and Desh Denim Tk 25 lakh Investments have been made.
Besides, the audit revealed that Popular Life Insurance Authority paid commissions to agents in checks and cash. But cash payments are out of the question.
In 2005, the paid-up capital of Popular Life Insurance listed in the stock market was 60 crore 43 lakh taka and total shares were 60 crore 4 lakh 28 thousand 358.
Entrepreneur directors hold 23.70 percent of the total shares. Of the remaining shares, institutional investors hold 18.68 percent and general investors hold 57.62 percent.
