Cenbank appoints administrator for Fareast Finance resolution
All three officials formally assumed their respective roles on 9 August, the disclosure said.
Bangladesh Bank has appointed an administrator and two associate administrators to oversee the resolution process of listed non-bank financial institution Fareast Finance and Investment Limited, amid efforts to ensure its smooth and effective implementation.
The central bank appointed its Director Md Sadequr Rahman as administrator, supported by Additional Directors Shadril Ahmed and Md Al-Amin as associate administrators, according to a disclosure published today (8 September).
All three officials formally assumed their respective roles on 9 August, the disclosure said.
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The appointment follows Bangladesh Bank's decision to declare Fareast Finance alongside three other non-bank financial institutions (NBFIs) as non-viable under the Bank Resolution Act, 2026.
Following Bangladesh Bank's non-viable declaration and administrator appointments, both the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) suspended trading of Fareast Finance shares. Fareast Finance and Investment got listed on the stock exchange in 2013.
Its current paid-up capital Tk164 crore divided by 16.40 crore shares. Market capitalisation of the NBFI stood at Tk34.46 crore until 8 September with Tk18.91 crore free-float capitalisation of the company.
Until September 2025, the company had incurred a loss of Tk61 crore, compared with a loss of Tk84.18 crore in 2024.
According to DSE data, sponsor-directors held a 39.74% stake in the listed firm, while institutional investors held 14.77% and general investors held the remaining 45.49%.
