The Bangladesh Securities and Exchange Commission (BSEC) has launched an investigation into serious allegations against Saeed Khokon, the current chairman of Islami Insurance Bangladesh Ltd, a company listed on the stock market. Six former sponsor-directors filed complaints accusing Khokon of running the company illegally from undisclosed locations while maintaining full financial and administrative control.

In response, BSEC has formed a four-member investigation committee headed by Additional Director Md Faruk Hossain. Other members include Assistant Directors Md Mehedi Hasan Rony, Md Minhaj Bin Salim, and Md Gias Uddin, Manager at the Dhaka Stock Exchange (DSE). The committee has been tasked with reviewing all relevant documents and submitting a detailed investigation report.

According to the complainants, irregularities began after Khokon assumed the chairman’s role in 2012. They allege that he removed six former sponsor-directors from the board without any valid grounds and replaced them with his wife, two daughters, sister-in-law, and two companies owned by him. This has reportedly created a network of ten family-linked directors, collectively controlling about 30.35% of the company’s paid-up capital.

The former directors claim such a tightly family-dominated governance structure violates the Companies Act, Insurance Act, and Securities Law, and undermines proper corporate oversight.