News Details

Pioneer Ins fined for doing business on credit


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 The Insurance Development and Regulatory Authority (IDRA) Thursday fined Tk 50,000 to a branch of the Pioneer Insurance Company for doing business on credit.

IDRA sources said a vigilance team of IDRA recently visited the Jubilee Road branch of Pioneer Insurance Company in Chittagong and found evidences of doing business on credit by checking their money receipts and bank statement.

The vigilance team lodged a complaint with IDRA and its hearing was held Thursday.

After the hearing, IDRA fined Tk 50,000 to be paid by the manager of the branch Md Aman Ullah.

Three IDRA members Gopal Banik, Md Nurul Islam Molla and Md Fazlul Karim, DMD and Pioneer Insurance’s Company Secretary SM Mizanur Rahman and AMD AKM Jashim Uddin were present during the hearing.

[ Business ] 2012-06-23