Bangladesh Securities and Exchange Commission (BSEC) yesterday fined five directors of Emerald Oil Industries Limited Tk5 lakh each and froze their and other top executives' beneficiary owner’s (BO) accounts for breaching securities laws.
The fines were imposed in a commission meeting presided over by its chairman M Khairul Hossain, according to a press release.
The regulator fined all directors, except the independent ones, of Emerald Oil as the company failed to submit financial statement for the year ending on June 30, 2017.
The company has a seven-member board, including two independent directors.
The regulator also decided to freeze BO accounts of its sponsors, directors (except independent directors), CEO, chief financial officer, company secretary, and the head of internal audit and compliance.
The commission also fined Purabi General Insurance Company Limited (PGICL) Director Golam Fatema Tahera Khanom—a director nominated by Mona Garments Limited—Tk10 lakh, for selling shares of PGICL without prior declaration, breaching securities rules.
The commission at the meeting also warned Eastland Insurance Company Limited as it failed to appoint an independent director within 90 days of vacancy of the post.