Bangladesh Bank has appointed its director Hasan Tarek Khan as administrator of Aviva Finance, a financially troubled non-bank institution. He will serve as the company’s managing director and chief executive officer. The central bank issued the appointment order on Sunday and sent it to the chairman of Aviva Finance.

Aviva Finance was among six financial institutions recently targeted by the central bank for closure due to severe irregularities. The company, formerly known as Reliance Finance, was linked to former managing director Prashanta Kumar (P K) Halder, during whose tenure the firm suffered major financial losses and a default rate exceeding 80 percent. After Halder fled the country, the institution was renamed Aviva Finance but failed to recover.

Following the interim government’s move to remove S Alam Group from several banks, its chairman Saiful Alam also left Aviva Finance. Bangladesh Bank subsequently dissolved the company’s board and reconstituted it with four independent directors, led by former central bank executive director Md Golam Mostafa as chairman.