Ex-IPDC Finance MD Mominul Islam elected DSE chairman
The decision was made during a board meeting held today
Mominul Islam, the former managing director of IPDC Finance, has been elected as the new chairman of the Dhaka Stock Exchange (DSE).
The decision was made during a board meeting held today (3 October).
According to a press release from DSE, this marks the appointment of a new chairman after more than a month of vacancy.
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The DSE convened the board meeting after nearly two months, with participation from the newly appointed seven independent directors, alongside the five shareholder directors.
According to the DSE officials, the last board meeting was held on 1 August, but subsequent meetings were delayed due to disruptions surrounding the appointment of new independent directors, following the resignation of the previous ones after the change in government.
On 1 September, the Bangladesh Securities and Exchange Commission (BSEC) appointed Brigadier General Md Mafizul Islam Rashed, former DSE MD KAM Majedur Rahman, Professor Major General (retd) Mohammad Quamruzzaman, Financial Institutions Division Additional Secretary Nahid Hossain, DU professor of economics Mohammed Helal Uddin, former general manager of Metlife Bangladesh Syed Hammadul Karim, and Bangladesh Data Center and Disaster Recovery Site Limited CEO Mohammed Ishaque Miah.
However, DSE members have raised concerns about the appointments of Majedur Rahman and Helal Uddin, arguing that these appointments violate the board and administration regulations as they were involved in brokerage firms.
Then the BSEC changed them and appointed AF Nesaruddin and Syeda Zakerin Bakht Nasir, but it also violated the regulations.
After that, on 19 September, the BSEC appointed Mominul Islam and FINS Alliance's CEO and Chief Consultant Shahnaz Sultana.
A senior official at the DSE said one of the BSEC-appointed independent directors, Mominul Islam, was found to have negative CIB (Credit Information Bureau) clearance from the Bangladesh Bank.
Mominul said the central bank actually didn't identify me as a defaulter, rather it is a company linked to me that has been identified as the defaulter.
Mominul mentioned that the company is Confidence Salt Limited.
"I was on the company's board as the managing director of IPDC Finance, representing the Investment Corporation of Bangladesh (ICB), since Confidence Salt had received funding from the Equity and Entrepreneurship Fund (EEF) managed by ICB."
Mominul further said he has completed his tenure at IPDC Finance and has not been the managing director since January this year.
"I have since sent a letter to the central bank on 30 September, requesting an update on my status in the CIB report," he added.
Shakil Rizvi stated that the central bank had sent the CIB report without updated information about him.
Later, the Bangladesh Bank revised the report which mentioned that Mominul Islam has no connection to any defaulting companies.
