Bangladesh Bank has appointed a four-member administrator team to oversee the operations of listed non-bank financial institution Uttara Finance and Investments Limited.
The central bank’s Financial Institutions and Markets Department issued a notification on August 18 under Sections 20(2) and 48(3) of the Financial Companies Act, 2023. The four administrators assumed their duties on August 19.
The team comprises Bangladesh Bank Director Mostaqur Rahman, Additional Directors Mokaddasul Alam and Mosharraf Hossain, and Joint Director Bimal Kumar Gain.
Uttara Finance has been facing financial irregularities and management problems for several years. Bangladesh Bank dissolved the company’s board in 2022 following allegations of irregularities.
A special audit also found evidence of significant embezzlement. The company’s 2019 financial results were revised, turning a previously reported profit of Tk 118 crore into a loss of Tk 310 crore.
The company has yet to publish its financial statements for the four years from 2022 to 2025. The newly appointed administrators will oversee the institution’s overall operations.
