Tk41cr receivables, sales discrepancies put Al-Madina Pharma under BSEC probe

The Bangladesh Securities and Exchange Commission (BSEC) has ordered an enquiry into Al-Madina Pharmaceuticals Limited over concerns about more than Tk41 crore in trade receivables, sales proceeds, inventory verification, and the auditor's compliance with securities regulations.

The probe will cover the company's financial statements for the years ended 31 December 2024 and 31 December 2025. The commission has also asked the enquiry team to identify any violations of securities laws, accounting standards or other applicable regulations and determine those responsible.

The BSEC issued the order under Section 21 of the Securities and Exchange Ordinance, 1969, citing the greater interest of the capital market and general investors.

A three-member team comprising BSEC Additional Director Md Iqbal Hossain, Assistant Director Marzia Jahan and DSE Deputy Manager Utpol Chandraw Debnath will conduct the enquiry and submit its report within 60 working days.

The company's trade receivables are a key focus of the investigation. Al-Madina Pharmaceuticals reported receivables of Tk21.13 crore as of 31 December 2025, up from Tk20.12 crore a year earlier.

The investigators will verify whether the balances are genuine and recoverable and examine the confirmation certificates obtained by the auditor from customers.

The DSE observed that some of the certificates contained only signatures, without the signatory's designation, company name or seal, according to the BSEC order.

The team will physically verify at least 10 customers named in the receivables list. It will also collect their complete addresses and contact numbers and contact at least 50 parties by telephone to verify their existence and the reported balances. The team will also consider observations made by the DSE in its report submitted to the BSEC on 12 January 2026.