The securities regulator has decided to 'freeze' the BO (beneficiary owner's) accounts of the sponsors, directors and four top officials of Emerald Oil Industries for not submitting the company's financial statement.
The decision was taken on Tuesday at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).
According to the BSEC, Emerald Oil Industries failed to submit the financial statement for the year ended on June 30, 2017.
The regulator has taken the decision of freezing the BO accounts directors, other than independent ones, sponsors, chief executive officer, chief financial officer, company secretary, and head of internal audit and compliance for the failure of submitting the financial statement.
"For breaching the securities rules, the securities regulator has taken the decision of imposing penalty worth Tk 0.5 million on each director, other than independent ones, of the Emerald Oil Industries," the BSEC said.
At Tuesday's meeting, the securities regulator imposed a penalty worth Tk 1.0 million on Mona Garments as its nominated director sold the shares of Purabi General Insurance Company without prior declaration.
The BSEC said Ms Gholam Fatema Tahera Khanam is a nominated director of Purabi General Insurance Company on behalf of the Mona Garments.
"The nominated director breached the securities rules selling out the shares of Purabi General Insurance Company without giving declaration," the BSEC said.
