BSEC probes anomalies of Beximco’s Sukuk, listed companies
Business Report :
The Bangladesh Securities and Exchange Commission on Sunday started an investigation into the approval process of initial public offering and share manipulation involving nine companies, Beximco’s Sukuk, and issuance and selection of Bashundhara Group’s company as strategic investor of Chittagong Stock Exchange.
The decision to probe into allegations of irregularities was made at an emergency commission meeting on the day.
A 5-member investigation committee was formed headed by Zia U Ahmed, the founder chairman and consultant of USA-based Terra Resources International Investment and Marketing Services.
The BSEC asked the committee to look into all kinds of irregularities in Best Holdings Limited, Al-Amin Chemical Industries, Sonali Paper & Board Mills Ltd, Fortune Shoes Limited, Ring Shine Textiles Limited, Acme Pesticide Limited, Quest BDC Ltd, Coppertech Industries Limited, and Emerald Oil Industries Ltd.
The allegations of irregularities include approval process of the IPO, share acquisition, transferring company from over the counter market to SME platform, an abnormal rise in share prices, dividend disbursement among investors, money laundering, and exaggerating sales information in annual financial reports.
The regulatory body also asked the committee to look into any irregularities regarding the Beximco Green Sukuk Al Istisna’a approval process.
Beximco Group and its associates allegedly pressured several banks into investing in its Tk3,000 crore Sukuk bond, despite reluctance from the banks due to concerns over the project’s viability.
Salman F Rahman, former private industry and investment adviser to ousted prime minister Sheikh Hasina, also vice-president of Beximco Group, reportedly used his influence to push the investments.
The committee will also look into any irregularities in the issuance of IFIC Guaranteed Sreepur Township Green Zero Coupon Bond.
The BSEC approved Sreepur Township to raise Tk1,000 crore through a bond in July 2023, with IFIC Bank serving as its guarantor.