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PROGRESLIF

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PROGRESLIF 17-Feb-2020

Qualified Opinion: 1. As explained in note 14.03 of the financial statements, PLICL has 51% shareholding in its subsidiary company namely Galaxy Capital Ltd. and the investment in shares of this company was Taka 30,855,000. According to IFRS 10, para 04: "Consolidated Financial Statements", the subsidiary should have been consolidated because it is controlled by PLICL. PLICL has not consolidated the financial statements of subsidiary (Galaxy Capital Ltd.) (cont. 1)

PROGRESLIF 10-Feb-2020

The Company has informed that it has credited the Bonus shares for the year ended on December 31, 2018 to the respective shareholders' BO Accounts.

PROGRESLIF 10-Feb-2020

(Continuation news of PROGRESLIF): in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. Due to this reason, The Company could not provide the financial statements and auditor's certified copy on details of deposited money and assets of the "Life Insurance Fund" within 6 months from the end of year 2016 to the authority in accordance with Section 32 and Section 26(3) respectively of the Insurance Act, 2010. (end)

PROGRESLIF 10-Feb-2020

(Continuation news of PROGRESLIF): Due to this reason, The Company could not provide the financial statements and auditor's certified copy on details of deposited money and assets of the "Life Insurance Fund" within 6 months from the end of year 2016 to the authority in accordance with Section 32 and Section 26(3) respectively of the Insurance Act, 2010, which disclosed in Note 4.10 to the financial statements. Note 4.10-Report to the Authority (IDRA): As legal proceeding is running (cont. 22)

PROGRESLIF 10-Feb-2020

(Continuation news of PROGRESLIF): On September 11, 2017 the Company has appointed Dr. Mohammad Sohrab Uddin, Ph.D, AIA, Consulting Actuary, to Complete Actuarial valuation of the policy liabilities as at 31 December 2013, 2014 and 2015 respectively. i) As legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. (cont. 21)

PROGRESLIF 10-Feb-2020

(Continuation news of PROGRESLIF): The Company does not make actuarial valuation and investigate its financial status of the life insurance business by an actuary according to the regulatory procedure and in a prescribed manner in each year since 2013 in accordance with Section 30 of the Insurance Act, 2010. As legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. (cont. 20)

PROGRESLIF 10-Feb-2020

(Continuation news of PROGRESLIF): in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. On September 11, 2017 the Company has appointed Dr. Mohammad Sohrab Uddin, Ph.D, AIA, Consulting Actuary, to Complete Actuarial valuation of the policy liabilities as at 31 December 2013, 2014 and 2015 respectively; and Note4.09-Actuarial Valuation and Investigation: (cont. 19)

PROGRESLIF 10-Feb-2020

(Continuation news of PROGRESLIF): according to Section 36 of the Companies Act, 1994; h. As disclosed in Note 4.09 to the financial statements, the Company does not make actuarial valuation and investigate its financial status of the life insurance business by an actuary according to the regulatory procedure and in a prescribed manner in each year since 2013 in accordance with Section 30 of the Insurance Act, 2010. As legal proceeding is running (cont. 18)

PROGRESLIF 10-Feb-2020

(Continuation news of PROGRESLIF): in each year since 2013 according to Section 36 of the Companies Act, 1994; Note 4.08-Annual Return to RJSC: As legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. Due to this matter, the Company does not file Schedule - X: "annual list of members and summary" to the Registrar in each year since 2013 (cont. 17)

PROGRESLIF 10-Feb-2020

(Continuation news of PROGRESLIF): as its annual general meeting since 2013 in accordance with Section 81 of the Companies Act, 1994. g. As disclosed in note 4.08 to the financial statements that, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. So that, the Company has not filed Schedule X: "annual list of members and summary" to the Registrar (cont. 16)

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