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 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.

Source: Dhaka Tribune February 26, 2019 16:07 UTC