Bangladesh Bank dissolved the board of directors of FAS Finance and Investment Limited, a non-bank financial institution listed in the capital market. Along with that, five independent directors have been appointed in the company.

According to the order, the new board has been constituted for public interest including ensuring proper management of depositors and finance companies. Former Major General Md. has been made chairman. Anwarul Islam. The remaining four independent directors are – former executive director of Bangladesh Bank. Abdul Hakim, former deputy managing director of Agrani Bank, Anwarul Islam, former general manager of Janata Bank. Mokhlesur Rahman and Mustafa Kamal Ahmad.

It is known that until 2012, the non-banking financial institution FAS Finance and Investment was under the sole control of Nittal-Niloy Group. Till then about 35 per cent of FAS Finance was owned by various institutions and individuals associated with the Nittal-Niloy Group. It was known as a good quality financial institution then. But in 2013, the representatives of two organizations named P&L International and Reptile Firm started joining the board of FAS Finance by buying shares from the capital market.

And the Nittle-Niloy group started leaving the company. After that, with the support of PK Halder, a prominent person in the financial sector, two other companies named Simtex and Design and Source were added to the management of the company. At one point in 2017, the entire company went into the hands of PK Halder. Since then, money has been looted in the company.

At present, 99.89 percent of the financial institution’s loans have defaulted. Earlier, Bangladesh Bank reorganized 11 banks and one financial institution.

On Wednesday (October 16), a new board was formed by an order of Bangladesh Bank.