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The meeting of the Inquiry Committee decided that they would submit the final report to the Bangladesh Securities and Exchange Commission (BSEC) for actions against ACI
Dhaka Stock Exchange (DSE) will further investigate the alleged financial irregularities of ACI Logistics Limited, or Shwapno, as DSE Inquiry Committee found the explanation of ACI unacceptable, a DSE director has said.
the interests of stock investors in mind, we are not satisfied with the company’s explanation of huge losses incurred by Swapno for the last one decade”, DSE director Minhaz Mannan Emon told Dhaka Tribune on Sunday after a final meeting of the Inquiry Committee.
also a member of the committee, has said the DSE Chief Regulatory Officer AKM Ziaul Hasan Khan has been given the responsibility to investigate the matter further by the next seven working days.
we are not satisfied with the explanations of ACI, further investigation to unearth the irregularities of the company in question is necessary,” Emon said further.
meeting of the Inquiry Committee decided that they would submit the final report to the Bangladesh Securities and Exchange Commission (BSEC) for actions against the ACI.
March, the inquiry committee of the DSE sent a letter to ACI Limited, asking the company to explain the huge reported losses incurred by its subsidiary, Shwapno.
on February 12, DSE had launched an inquiry committee to unearth why ACI Logistics Limited (Shwapno), a chain super shop brand, has been losing money and gobbling up the profits of its parent company.
inquiry committee was formed following a Dhaka Bank Securities’ complaint that claimed by carrying forward the burden of ACI Logistics’ losses, the board of directors of ACI Limited had failed to carry out their legal duties and responsibilities to protect the interests of small shareholders.
DSE formed a five-member committee, led by its director, Justice Siddiqur Rahman Miah.
a decade of losses, Shwapno—comprising 76% of ACI Logistics—has weighed heavily on the profitability of ACI Ltd, registering a loss for the parent company ACI.
the previous fiscal year (FY2017-18), Shwapno incurred losses worth Tk135 crore, and its cumulative loss stood at Tk891 crore, according to ACI’s annual report.
to the unaudited financial statement posted on the DSE website, ACI’s earnings per share (EPS) was negative Tk6.25 for January-March 2019 as against Tk0.93 for January-March 2018; EPS was negative Tk5.81 for July 2018-March 2019 as against Tk8.64 for July 2017-March 2018.
source (DT)
