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Emerald Oil Shows Utter Disregard for the Law!
Emerald Oil Industries Limited, a company listed on the stock market, is not complying with the law. Year after year, the company continues to violate various laws. Furthermore, the company’s financial statements have raised concerns among auditors. Despite receiving investments of nearly 20 crore Bangladeshi Taka, the company has not deposited the funds in its bank account. Additionally, despite selling goods worth more than 155 crores Bangladeshi Taka, Emerald Oil has failed to collect payments from its customers. The company has also neglected to submit income tax returns for several years. The latest inspection report from the auditor of Emerald Oil, as obtained from the Dhaka Stock Exchange (DSE), reveals these alarming details.
The company operating in the Food and Miscellaneous category has been found to be violating various laws, including the Companies Act of 1994, the Labor Act of 2006, and the Income Tax Ordinance of 1984, according to the auditors’ opinion.
According to the report, Minori Bangladesh Limited, in the most recent financial year, invested Tk 23 crore 27 lakh 35 thousand 44 in Emerald Oil as a shareholder’s money deposit. During this period, Minori received 19 crores 98 lahks 64 thousand 944 Taka from the company. However, the company has not deposited this amount into its bank account. The company has informed the auditor that due to the misconduct of the previous management team at Emerald Oil, the bank is not providing any assistance. The company is also unable to access the previously opened bank account, which is now inactive.
The auditing institution has revealed that as per the financial report for the fiscal year ending on June 30, 2022, the company possesses assets, plants, and equipment worth 48 crores 73 lakh 32 thousand Taka. However, the authenticity of these assets could not be verified. Moreover, Emerald Oil has not conducted any revaluation of its assets in accordance with IAS-16 in the latest financial year.
Former Managing Director (MD) of Emerald Oil, Syed Hasibul Gani Galib, has sold products worth 155 crores 66 lahks 53 thousand 675 Taka. Despite such a substantial volume of sales, Emerald Oil has not received the corresponding funds. The company has not provided any information to the auditor regarding the process of recovering these funds. Consequently, this amount of 155 crores 66 lahks Taka has become a loss for the company instead of income.
According to section 81 of the Companies Act 1994, every company is required to hold an Annual General Meeting (AGM) once a year. Failure to comply with the AGM requirement, as per section 82 of the Companies Act, can result in penalties for both the company and its officers. The Registrar of Joint Stock Companies and Firms (RJSC) has legislation in place, within 21 days of the AGM, for companies to submit their annual reports and provide information to shareholders and directors. However, Emerald Oil has failed to conduct the AGM for several years and has not provided this information to the RJSC. As per the auditor’s opinion, Emerald Oil has violated the Companies Act of 1994.
As per the auditor’s opinion, Emerald Oil has not provided the latest tax assessment status. Consequently, the company’s actual tax liability could not be determined. Since the fiscal year 2014-15, the organization has been in violation of Section 75(1) of the Income Tax Ordinance 1984 by not filing tax returns. Furthermore, the company has also failed to comply with provision number 16 of article number 52 of the Income Tax Ordinance 1984, which states the applicable areas for VAT and tax deductions. Despite the existence of this provision, the company has not fulfilled its obligations in this regard. While showing a tax deduction of Tk 3 lakh 58 thousand 600 instead of Tk 10 lakh 856, the auditor has not found evidence to support their claim.
According to the Bangladesh Labor Act 2006, it is mandatory for companies or organizations in Bangladesh to establish a Workers’ Profit Participation Fund (WPPF) for the benefit of their employees. Five percent of the company’s profits are required to be deposited into this fund. Despite the requirement to deposit the funds within the first nine months of each fiscal year, Emerald Oil has failed to contribute any amount to the WPPF since the 2015-16 financial year, as stated by the auditor. Interestingly, the company has mentioned the existence of this fund in its financial statement. Consequently, the auditor has expressed an opinion that the company has violated the Labor Act 2006.
To obtain further information on this matter, the Managing Director and spokesperson of the Bangladesh Securities and Exchange Commission (BSEC), Mohammad Rezaul Karim, informed the financial correspondent that the restructuring of Emerald Oil’s board was carried out in the interest of investors. Their responsibility includes initiating the company’s production. The sales (revenue) that the company had previously generated will be collected in accordance with accounting standards. The BSEC’s Chief Accountants Division will verify this upon receiving the audit report. Compliance with accounting standards will also be assessed. If there is any non-compliance by the company’s management, appropriate measures will be taken. The Commission will also take action for any violation of other laws if the Securities Law allows. The BSEC always works in the best interest of investors, and in the case of Emerald Oil, it will ensure compliance with all relevant laws.
President Mohammed Shahabuddin delivered a call to action today, urging individuals from all political backgrounds and viewpoints to collaborate in furthering the country’s ongoing development. He made these remarks during the opening of the “Smart Children Carnival 2023” at Bangladesh Shilpakala Academy in the capital.
During the festival’s opening ceremony, President Shahabuddin emphasized the importance of not taking actions that might hinder the country’s progress. He acknowledged the ever-advancing world and encouraged everyone to move forward with the utmost tolerance, mutual trust, and faith.
The President underscored the need to nurture children as “smart citizens,” equipping them with efficiency, creativity, progressiveness, a non-communal mindset, and patriotism to contribute to the realization of a ‘Smart Bangladesh’ in the future.
Key figures including State Minister for Information and Communication Technology (ICT) Division Zunaid Ahmed Palak, State Minister for Primary and Mass Education Md Zakir Hossain, and various other officials and children representatives addressed the event.
President Shahabuddin outlined the national goal of establishing a ‘Smart Bangladesh’ by 2041, characterized by top-notch, world-class work and management based on smart technology. He encouraged the younger generation to embrace modern knowledge and apply it in their lives, emphasizing the importance of learning about Bangladesh’s Liberation War and its founding leader, Bangabandhu Sheikh Mujibur Rahman.
Additionally, the President extended warm greetings and congratulations to Prime Minister Sheikh Hasina on her upcoming 77th birthday. He expressed his deep affection for all the children in the country and thanked the carnival’s organizers, highlighting the event’s role in fostering learning while enabling children to engage in sports, explore new technology, and make new friends.
President Shahabuddin urged local public representatives to provide necessary playgrounds for children who often spend excessive time using electronic devices, emphasizing the value of enriching knowledge beyond traditional textbooks. He emphasized that the country should be considered a family, and individuals should take the initiative to learn about their homeland.
The President also praised various development initiatives and the government’s commitment to realizing Vision 2021, aiming for a developed, prosperous, and smart Bangladesh by 2041 in line with the dream of Bangabandhu Sheikh Mujibur Rahman.
Furthermore, President Shahabuddin participated in an audio-visual exhibition that offered insights into the envisioned ‘Smart Bangladesh’ in 2041.
The nation will celebrate the 77th birthday of Prime Minister and Awami League (AL) President Sheikh Hasina today.
Born on September 28, 1947, in Tungipara, Gopalganj, Sheikh Hasina is the eldest of the five children of the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman, and Bangamata Sheikh Fazilatun Nesa Mujib.
Currently, Prime Minister Sheikh Hasina is abroad attending the 78th United Nations General Assembly (UNGA) session. Following in the footsteps of Bangabandhu, she addressed the UNGA in Bengali, as she has done in previous years.
Awami League (AL), its affiliated organizations, and socio-cultural groups will commemorate the day with various events highlighting Sheikh Hasina’s life and accomplishments. These activities will include discussions, milad (prayer gatherings), and special prayers held both in the capital and nationwide.
Sheikh Hasina spent a significant part of her early life in her birthplace, where she received her early education. Her family moved to Dhaka in 1954 when Bangabandhu was elected as a legislator.
She pursued her education at institutions such as Sher-e-Bangla Girls’ School and College and Azimpur Girls’ High School, where she completed her secondary education in 1965. She then enrolled at Badrunnessa Government Girls’ College.
During her university days, she served as the vice-president of the students’ union at Eden Girls’ College (which included Badrunnessa and Eden Girls’ College at the time). Subsequently, she pursued her master’s degree in Bangla at Dhaka University.
As a student leader, Sheikh Hasina actively participated in the historic six-point movement in 1966 and the student movement of 1969, which led to the abdication of General Ayub Khan.
In 1968, she married nuclear scientist Dr. MA Wazed Miah with the blessing of her incarcerated father, Bangabandhu. During the Liberation War, she and her family were confined to a house in Dhaka. On July 27, 1971, she gave birth to her first child, Sajeeb Wazed Joy. Her second child, Saima Wazed, was born on December 9, 1972.
Following the assassination of her parents in 1975, Sheikh Hasina and her family sought political asylum in India, where she resided until 1981, when she was elected as the president of the Awami League in her absence. She returned to Bangladesh on May 17, 1981, to a grand reception.
In the 1986 parliamentary election, Sheikh Hasina was elected as a Member of Parliament from three different constituencies. After the fall of autocracy in 1990, she was chosen as the Leader of the Opposition through the general elections of 1991.
In the 1996 general elections, 21 years after her father’s assassination, she led the Awami League to victory, assuming power as Prime Minister for the first time.
On August 21, 2004, Sheikh Hasina narrowly escaped an assassination attempt as grenades were hurled at an AL rally on Bangabandhu Avenue in the capital. Although she survived, the attack resulted in the loss of at least 24 lives and injured over 500 others, most of whom were Awami League leaders and supporters.
In 2008, she led the Grand Alliance to a resounding victory, securing 90 percent of parliamentary seats in the general elections and becoming Prime Minister for the second consecutive term. On January 5, 2014, she was reelected as Prime Minister.
Under her leadership, Bangladesh has achieved remarkable progress in various fields, including economic growth, self-sufficiency in food production, and advancements in women’s empowerment, agriculture, education, healthcare, infrastructure, communication, energy, trade, ICT, and SME sectors.
Her humanitarian efforts, particularly in providing support to over 1.1 million Rohingya refugees from Myanmar, have garnered international acclaim. In 2017, the UK-based ‘Channel 4’ referred to Prime Minister Sheikh Hasina as the ‘Mother of Humanity’ for her role in sheltering Rohingyas fleeing persecution.
Sheikh Hasina has received numerous awards and honors, including the Tagore Peace Award-2018, the Vaccine Hero award, and the Champion of Skill Development for Youth award. She has also been recognized with honorary degrees and accolades for her leadership and intellectual contributions.
Sheikh Hasina has authored more than 25 books, including ‘Mujib Amar Pita,’ ‘Living in Tears,’ ‘Sada Kalo,’ and ‘Amara Janaganer Kotha Bolte Esechhi.’
Bangladesh Institute of Capital Market (BICM) has organized an investment education program titled “Essentials of Capital Market Investment for Women Entrepreneurs.” This initiative is specifically aimed at female investors and entrepreneurs.
The program took place on Tuesday, September 12th, at BICM’s multipurpose hall. Over a hundred female members from “Women and E-commerce (WE),” an organization comprising numerous women entrepreneurs, participated in this training program.
The chief guest at the event was Dr. Mahmuda Akter, the Executive President of the Bangladesh Institute of Capital Market (BICM). Among the notable attendees were Nasima Akter Nisha, the President and Founder of Women and E-commerce (WE), as well as Irene Parveen, the Executive Director of WE. The executive committee director, Salma Parveen, and Rakiba Parveen, members of BICM’s Women Entrepreneurs and Development Committee, were also present. Additionally, the event was graced by Kashfiya Sharmin, Assistant Professor and Assistant Coordinator of the committee, Dr. Tamanna Islam, Assistant Professor and committee member, S. M. Kalbin Chalima, Lecturer, Faima Akter, Lecturer, and Gaurab Roy, Lecturer, all from BICM.
Addressing the gathering, Professor Dr. Mahmuda Akter highlighted that the Bangladesh Institute of Capital Market (BICM) has been consistently providing training on various relevant subjects in the financial/stock market. As part of this commitment, the institute has organized this training program specifically for women investors. Dr. Mahmuda Akter emphasized the importance of women being well-informed and cautious with their savings when investing in the capital market. She underscored BICM’s dedication to equipping women with the knowledge and skills needed to make informed and secure investments in the capital market.
Irene Parveen, the Executive Director of Women and E-commerce (WE), stated that WE members are actively seeking education not only in e-commerce but also in investment through the Bangladesh Institute of Capital Market (BICM). The aim is to equip WE members with the skills and knowledge required to engage in investments in the capital market alongside their e-commerce ventures.
It’s noteworthy that BICM has been conducting regular “Free Investors’ Education Programs” with the objective of enhancing investment awareness among ordinary investors in the Capital Market. In addition, the institute organizes certificate training programs on various contemporary topics for capital market professionals.
