Twelve non-bank financial institutions (NBFIs) in Bangladesh are running without a regular managing director or chief executive officer and a majority of them have had their top post vacant for more than three months in a clear breach of laws.
Defaulted loans at non-bank financial institutions (NBFIs) accounted for a record 30 percent of disbursed loans, indicating a fragile situation in the sector due to widespread loan irregularities and scams.
Bangladesh Bank yesterday suspended Intekhab Alam, managing director of Phoenix Finance and Investments Ltd, over allegations of being involved in loan irregularities and activities that go against the interest of depositors.