Stocks
SK Trims’ Bank Accounts Frozen Amid Corruption Probe
![](https://en.orthosongbad.com/wp-content/uploads/2024/05/SK-Trims.jpg)
The Bangladesh Financial Intelligence Unit (BFIU) has frozen the bank accounts of SK Trims and Industries, a publicly traded company allegedly owned by the family of former National Board of Revenue (NBR) official Matiur Rahman. This action follows court orders and a recommendation from the Anti-Corruption Commission (ACC), as disclosed today on the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) websites.
Key Figures and Investigation
Media reports indicate that MA Kaium Howlader and Md Nurul Huda, brothers of Matiur Rahman, hold significant positions in SK Trims, serving as Managing Director and Sponsor Director, respectively. The ACC is currently probing Matiur Rahman’s assets on allegations of amassing illegal wealth.
On July 11, a Dhaka court mandated the freezing of 116 bank accounts and 23 beneficiary owner (BO) accounts, along with the seizure of multiple properties belonging to Matiur Rahman and his family.
Company Disclosure and Response
In a recent disclosure, SK Trims confirmed that the Metropolitan Sessions Judge Court and the BFIU had frozen all their bank accounts based on the ACC’s recommendation. Efforts to reach Md Riaz Haider, the company secretary, and Md Nazmul Hossain, the Chief Financial Officer (CFO), for comments were unsuccessful.
According to SK Trims’ annual report for 2022-23, the company maintains over a dozen bank accounts across various banks, including fixed deposit receipts (FDRs), loans, and other accounts critical for its business operations.
Stock Market Performance and Financial Impact
SK Trims was listed on the stock exchange in 2018, raising Tk30 crore through an initial public offering (IPO) to expand its business. The company’s share price has fluctuated significantly following allegations against Matiur Rahman. From Tk27.6 per share on June 20, it fell to Tk24.4 on July 2, then briefly rose to Tk27 on July 9, before declining again, closing at Tk24.8 on the DSE yesterday.
Business Operations and Investments
SK Trims specializes in manufacturing various products for the export-oriented garment industry, including sewing thread, elastic, poly, cartons, photo cards, backboards, barcodes, hang tags, tissue paper, and gum tape.
The company has invested Tk17 crore in seven companies as of June 30, 2023. Among these, Dominage Steel Building Systems, Mamun Agro Products, Acme Pesticides, and Asiatic Laboratories are listed on the bourses, while Anik Trims, B Brothers, and Banbiz (Pvt) remain non-listed. It is unclear whether SK Trims has sold or still holds shares from these investments.
Revenue and Profit Growth
SK Trims reported a 40% increase in revenue to Tk92 crore for the first nine months of the 2023-24 fiscal year, with net profit soaring by 86% to Tk8.81 crore. These figures surpassed the company’s annual revenue and profit of Tk88.75 crore and Tk7.97 crore, respectively, for the 2022-23 fiscal year. The company paid a 3% cash dividend to its shareholders in FY23 and its shares are currently trading in the B category.
As of June 30, sponsor-directors held 31.23%, institutional investors 28.86%, and the general public 39.91% of the company’s shares.
Industry Concerns
Ziaur Rahman, General Secretary of the Benapole Landport Importers and Exporters Association, expressed concerns over the significant losses traders face with perishable food products due to halted trade services. “Since the goods trucks cannot enter after the evening, the trade deficit will increase,” he noted.
![](https://en.orthosongbad.com/wp-content/uploads/2023/02/Logo_OS_250_72.webp)
Stocks
Weekly U.S. Stock Market Reports Diverse Performance
![U.S. Stock](https://en.orthosongbad.com/wp-content/uploads/2024/03/7xm.xyz120015.jpg)
Reviewing the U.S. Stock Markets, the Nasdaq Composite, recorded a decent loss of 1,023 points, reaching a closing value of 16,690 points by the end of the week. Similarly, the S&P 500 index showed a positive trend, losing 240 points to settle at 5,408 points. Meanwhile, DJIA Index experienced a notable hike, adding 1,218 points during the week and concluding at 40,345 points after a week of gaining.
In contrast, Russell 3000 Index saw a loss in week performance, with a slight drop of 141 point to reach 3,077 points by the end of the week.
Moving to Russell 2000 Index, demonstrated a notable lost of 126 points, ending the week at 2,091 points.
Stocks
European Stock Weekly Review Highlights Mixed Trend
![stock European](https://en.orthosongbad.com/wp-content/uploads/2023/04/fsdfsdf.webp)
In the Outgoing week, the European stock market displayed a mixed performance.
Here is the data on the weekly performance of the European Stock Market, The STOXX Europe 600 index, which is considered a leading benchmark for the European market and covers approximately 90 percent of the market capitalization across 17 countries, reported a loss of 18.49 points to close at 506.56.
The United Kingdom’s FTSE 100, one of the most widely followed indices in Europe, also showed a significant drop, losing 195 points or finishing the session at 8,181.
In Germany, the DAX 30 index, added by 605 points to reach 18,301, while France’s CAC 40 decreased by 278 points to stop at 7,352 at the end of the trading day.
Italy’s FTSE MIB, which covers the top 40 stocks traded on the Milan Stock Exchange, decreased by 1,081 points to 33,291. However, Spain’s IBEX 35, lost by 228 points, to close at 11,173.
Stocks
Weekly South Asian Stock reports Varied Performance
![south asian stock](https://en.orthosongbad.com/wp-content/uploads/2023/06/New-Project-4.jpg)
A review of South Asian stock markets shows that India’s Bombay Stock Exchange (BSE) index BSE Sensex has lost 1,182 points during the week. At the end of the week, the index stood at 82,365 points. On the other hand, the Nifty-50 index of the country’s National Stock Exchange dropped by 383 points last week. At the end of the week, the index stood at 24,852 points.
Pakistan Stock Exchange Index ‘KSE 100’, added 459 points last week. After a week of losing, the index settled at 79,002 points.
On the other hand, The Sri Lankan stock market index loss, and the Colombo Stock Exchange index ‘ASPI’ decreased by 94 points in a week. After a week the index settled at 10,775 points.
Bhutan’s stock market index ‘BSI’ dropped by 9 points hence the index stood at 1,500 points throughout the whole week. Nepal’s ‘NEPSE’ lost 22 points, therefore the index stands at 2,727 points.
Hence Dhaka Stock Exchange: The benchmark index ‘DSEX’ lost by 75.77 points or 1.31 percent, in the outgoing week. At the end of the week, the index stands at 5,728 points.