People's Leasing unveils three-year financials
People's Leasing and Financial Services Limited, a troubled non-bank financial institution (NBFI), published its last three years financials and dividend on Sunday.
As per disclosure on bourses, the publicly listed company will not pay any dividends to its shareholders for 2019, 2020, and 2021.
The loss per share of the NBFI and investment narrowed in 2021 compared to the previous year. The loss per share stood at Tk14.40 in 2021, which was Tk22.32 in 2020.
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Owing to a loan scam, it has been incurring huge losses since 2018.
In compliance with the High Court order as well as the rules, the reconstituted board is working on arranging annual general meetings (AGMs) on 29 October through the digital platform.
Hasan Shaheed Ferdous, the new chairman of its court-appointed board of directors, told The Business Standard, "As per court order and complying with the rules, we, the board, are working on arranging AGMs."
"We took charge as per court order to reconstitute the company, and we are working on it. We have several strategies to reconstitute it. The company needs a capital injection," he added.
People's Leasing, which commenced operations in 1996, has been reportedly facing a wide range of financial scams since 2004, for which the Bangladesh Bank appointed an observer at the company in 2015.
Furthermore, the central bank removed five directors from the NBFI's board in 2015 because of their alleged involvement in the embezzlement of Tk358 crore.
The company's liquidation process began in April 2019 after its board informed the Bangladesh Bank about its inability to pay its depositors back after maturity.
In July 2019, the Dhaka and Chattogram bourses suspended the trading of People's Leasing shares for the interest of investors, according to the stock exchanges.
