BSEC bans auditor of scam-hit MFs

The securities regulator has banned Ahmed Zaker & Co. Chartered Accountants, an audit firm, for not attending the hearing scheduled as part of an enquiry into four scam-hit mutual funds.The Bangladesh Securities and Exchange Commission (BSEC) on Wednesday issued an order in this regard.The enquiry has been launched after the top executive of the asset manager of the MFs fled with Tk 1.58 billion embezzled from the funds.The unit funds are UFS Popular Life Unit Fund, UFS-IBBL Shariah Unit Fund, UFS-Bank Asia Unit Fund, and UFS-Padma Life Islamic Unit Fund.Ahmed Zaker & Co. Chartered Accountants was the auditor of these funds while Universal Financial Solutions (UFS) was the asset manager.The audit firm shall not be allowed to conduct any further audit for any mutual fund under Universal Financial Solutions and also shall not be allowed to be the auditor of any mutual fund and listed company until further instructions from the commission, reads the statement.The decision has been taken in the interest of investors and the stock market, said the regulator.