Stocks
BSEC Freezes All Stock Accounts of Former IGP Benazir Ahmed & Family
The Bangladesh Securities and Exchange Commission (BSEC) has directed the freezing of all stock market accounts belonging to former Inspector General of Police (IGP) Benazir Ahmed, his wife Jishan Mirza, and their younger daughter Tahsin Raisha Binte Benazir.
On Monday, May 27, BSEC instructed the Central Depository Bangladesh Limited (CDBL) to freeze all beneficiary owner (BO) accounts held by them. This order prohibits any deposits or withdrawals from these accounts while the freeze is in effect.
Additionally, BSEC sent related directives to CDBL and the Anti-Corruption Commission (ACC) on the same day. The family collectively holds six BO accounts in the stock market.
Benazir Ahmed’s accounts are with IFIC Securities Limited and Dragon Securities Limited. His wife, Jishan Mirza, has accounts with Southeast Bank Capital Services Limited and EBL Securities Limited. Their elder daughter, Farhin Rishta Binte Benazir, holds an account with EBL Securities Limited, while their younger daughter, Tahsin Raisha Binte Benazir, has an account with Dynasty Securities Limited.
The BSEC’s directive stated that in accordance with an order from the Senior Special Judge’s Court, six BO accounts across five brokerage houses are to be frozen until further notice. As per the court’s order, no funds can be withdrawn from these accounts while the freeze is in place.
Previously, on May 23, the court ordered the confiscation of assets belonging to the former police officer. This order was issued by Dhaka Metropolitan Sessions Judge Mohammad As-Sams Jaglul Hossain following the submission of 83 documents by the ACC.
On the following day, the court ordered the seizure of 119 movable and immovable assets, including four apartments in Gulshan, owned by Benazir Ahmed and his family.
Meanwhile, the ACC continues to investigate Benazir Ahmed’s assets. The ACC lawyer stated that more properties might be seized as further evidence is uncovered.
ACC lawyer Khurshid Alam mentioned that if additional assets are found, the ACC will seek court approval for their confiscation. So far, 35 bank accounts linked to the former police chief have been frozen.
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
The Bangladesh Securities and Exchange Commission (BSEC) has removed three audit firms from its panel for their failure to secure enlistment with the Financial Reporting Council (FRC), according to a notice issued today.
The firms—A Hoque & Company, FAMES & R, and SK Barua & Company Chartered Accountants—were delisted following the FRC’s request. In December last year, the FRC published a list of enlisted audit firms and subsequently, in February, requested the BSEC to remove any firms that were not included on that list.
BSEC regulations mandate that financial statements signed by auditors outside its approved panel will not be accepted. With the removal of these three firms, the total number of audit firms on the BSEC panel has been reduced from 48 to 45.
Sources from the FRC revealed that 15-20 audit firms failed to secure enlistment last year, and approximately 45 chartered accountants are currently under restrictions imposed by the Institute of Chartered Accountants.
Although the delisted firms can no longer audit issuer companies or listed securities, they are allowed to complete audit and assurance services that were initiated before their removal, the BSEC clarified.
