Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2022
Nurjahan Group loan-related embezzlement case
A Chattogram Money Loan Court issued an arrest warrant for the chairman of Nurjahan Group in a case alleging embezzlement of Tk 2.68 billion from Southeast Bank. The source does not provide the final disposition.
2021
Regulatory fines over National Life Insurance investment
Bangladesh Bank fined Southeast Bank for investing beyond permitted levels in National Life Insurance Company Limited and for failing to reduce the investment as required. The reported penalties were Tk 1 million and Tk 2.1 million.
2021
Investigation-related proceedings involving Alamgir Kabir
The Bangladesh Supreme Court's appellate division reportedly halted a High Court order concerning proposed Anti-Corruption Commission and Bangladesh Bank investigations involving chairman Alamgir Kabir after his appeal. The supplied material does not establish a final finding of wrongdoing.
2021
Bangladesh Bank fines Southeast Bank for investment-limit violations
Fine or penalty
In a 2021 regulatory action, Bangladesh Bank fined Southeast Bank Tk 10 lakh over investment-limit violations. A central bank probe found that the bank's investment in National Life Insurance Company exceeded the permitted ceiling. The investigation also found that the shares had been transferred between the bank's accounts rather than actually sold. The fine was imposed for investing an excessive amount in a single company, in breach of the applicable stock rules.
Company response
Denial — Alamgir Kabir
"I did not violate any rules. I am just an honorary adviser of the insurance company."
Clarification — Southeast Bank
Anwar Uddin, acting managing director of the bank, said that there had been some miscalculation as the lender invested 13.82 per cent of its paid-up capital in NLICL.
Source excerpt
Anwar Uddin, acting managing director of the bank, said that there had been some miscalculation as the lender invested 13.82 per cent of its paid-up capital in NLICL.
"I did not violate any rules. I am just an honorary adviser of the insurance company."
Published : 8 November 2021
2021
Bangladesh Bank fines Southeast Bank over single-stock exposure
Fine or penalty
Bangladesh Bank imposed a Tk 21.50 lakh fine on Southeast Bank after it failed to reduce its investment in a single stock to the regulatory limit. The article says the bank's investment exceeded the limit and reports that a central-bank probe found the bank had transferred shares between its own accounts rather than actually selling them.
Source excerpt
Southeast Bank has resorted to trickery as the actual sales of the shares did not take place, the report said.
The fine was imposed in the last week of December.
The Bangladesh Bank has imposed a fine of Tk 21.50 lakh on Southeast Bank after it failed to bring down its excessive investment in a single stock within the regulatory limit.