Non-bank financial institution (NBFI) Prime Finance and Investment Limited has submitted an appeal to the regulator, Bangladesh Securities and Exchange Commission (BSEC), seeking a full waiver of a BDT 1.40 crore penalty imposed by the Dhaka Stock Exchange (DSE).
Acting Managing Director Javed Lakiayat lodged the application with the BSEC Chairman, explaining that delays in submitting financial statements for the periods ending December 31, 2022, and December 31, 2023, as well as the first three quarters of 2023, stemmed from delayed inspection reports and quick summaries from Bangladesh Bank's Financial Institutions Inspection Department (FICL). Prime Finance noted that court approval was subsequently obtained to complete its pending Annual General Meetings (AGMs) for 2021, 2022, and 2023, asserting that the submission delays were unintentional.
Currently categorized under DSE's 'Z' category, Prime Finance faces severe financial distress, including capital shortfalls, non-performing loans, and an inability to settle depositor claims. The institution reported a loss of BDT 151 crore in FY2023 and recorded a loss per share (EPS) of BDT 2.85 for the January–September 2024 period, with its net asset value (NAV) per share plunging to negative BDT 0.39.
— Daily Best News Desk • Fearless in the search for truth
Reported by Staff Reporter • Edited by the Daily Best News desk. Send corrections to [email protected].
