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SUNDAY, JULY 13, 2025
BSEC to appoint special auditor for Fareast Finance

Stocks

Salah Uddin Mahmud
29 May, 2021, 09:25 pm
Last modified: 29 May, 2021, 09:34 pm

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BSEC to appoint special auditor for Fareast Finance

The stock market regulator offered quotations to the auditor in this regard last week

Salah Uddin Mahmud
29 May, 2021, 09:25 pm
Last modified: 29 May, 2021, 09:34 pm
BSEC to appoint special auditor for Fareast Finance

Key takeaways:

  • The firm raised Tk45cr through IPO in 2013
  • Made net loss of Tk71.80cr in 2019
  • Revenue was negative Tk12.24cr in Jan-Sept 2020
  • Loss per share Tk1.70 during the time
  • Failed to declare any dividend after 2016

To protect investors' interest, the Bangladesh Securities and Exchange Commission (BSEC) has decided to appoint a special auditor to review the financial statements of the ill-performing non-bank financial institution - Fareast Finance and Investment - for four years until 31 December 2020.

The stock market regulator offered quotations to the auditor in this regard last week.

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Earlier, the commission restructured the board of directors of the company in a move to bring the company back to a sound business footing.

The auditor will review the balance sheets including assets, liabilities, equity, earnings, and operating cash flows of the company during the period with true and fair values.

The auditor will also identify sponsors, promoters, and shareholders directors to make full disclosure of related party transaction between Fareast Finance and Investment Ltd and related parties for the last 5 years.

The auditor will assess the loans to the Fareast Stocks and Bonds Ltd with documents to investigate accounting recognition and measurement of loans and advances of the company from 2010-2020 as per laws.

The auditor will also investigate the deposits and financial liabilities in the financial statements of the company over the last four years.

The auditor will review the role of Khan Wahab Shafique Rahman & Co and Ahmed Zaker & Co Chartered Accountants – statutory external auditors of the financial statements of the company – over the last four years.

Besides, the auditor will examine the role of the board of directors, audit committee and top management in the overall governance of the company.

In 2013, Fareast Finance and Investment raised Tk45 crore from the capital market through an initial public offering.

The company had MA Khaleque as its chairman and Nazim Asadul Haque as director – both of them were controversial businessmen.

In March 2020, the Anti-Corruption Commission barred Khaleque from leaving the country.

Khaleque held key posts in a variety of enterprises. He was a former vice-chairman of Prime Bank Ltd, former director of Fareast Islami Life Insurance, former chairman of Prime Islami Insurance, and Primeasia University trustee board chairman.

Besides, the anti-corruption watchdog has an ongoing investigation against Khaleque on charges of embezzling money from Prime Asia Foundation, Prime Islami Securities, People's Leasing and other institutions.

On the other hand, Nazim Asadul Haque, also owner of Bangla Trac, had his name in the Panama Papers scandal as a money launderer.

In 2018, M Shamsul Islam Varosha, owner of Varosha Match, took up the chairmanship of the company to bring it back to business.

The BSEC said the company was transferred to the 'Z' Category on 19 April 2018, but the board of directors did not take any action. They failed to improve the performance of the company during this period.

As per the financial statements for 2019, the company sustained an accumulated loss of Tk152.22 crore, which included a net loss of Tk71.80 crore.

The net asset value per share has been reduced to Tk2.85 from Tk7.22.

The current paid-up capital of the leasing and finance company is Tk164.06 crore.

 

Top News

BSEC / Special Auditor / Fareast Finance

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