All the bank accounts of SK Trims seized

All bank accounts of SK Trims & Industries Limited have been seized. The managing director (MD) of the company is MA Md. Kaium Howlader, brother of the former National Board of Revenue (NBR) member Matiur Rahman.

The Bangladesh Financial Intelligence Unit (BFIU) of Bangladesh Bank and the Metropolitan Judicial Court have seized the bank accounts of the company based on the recommendations of the Anti-Corruption Commission (ACC). This information was disclosed by Dhaka Stock Exchange (DSE), the country's main capital market Sunday (July 14).

Company Secretary Md. Riaz Haider told The Daily Messenger that the BFIU has seized the company's bank account based on false information. He stated that the company is perceived to be a family business. The seizure is believed to be due to its association with the family of the former NBR member, Matiur Rahman.

He added that due to the seizure, the company is unable to pay its employees' salaries. Clarifying that it is not a family company, he mentioned that the owners hold only 31 percent of the company's shares, while the remaining 70 percent are held by ordinary investors. Therefore, he argued, the bank accounts should be opened for the benefit of these investors.

According to company sources, legal steps have already been taken to address this issue. Lawyers are seeking a court order to open the bank accounts. They are also requesting the court to allocate a portion of the funds to the common shareholders, with the company bearing the associated costs.

The company, which started its business in 1998, was listed on the capital market in 2018. On Sunday (July 14), 8.47 million shares of the company were traded at Tk 25.50 each. According to the audited financial report from July 2022 to June 30, 2023, the company paid Tk 84 crore7o lakh in taxes and has a bank loan of Tk 25 crore 82 lakh.

In 2023, the company's after-tax income was Tk 79,747,206. From July to March 31, 2024, the after-tax income was Tk 10 crore 55 lakh.

Capital market investor Ashika Nazim stated that the Chittagong-based company was taken over by NBR member Matiur Rahman and his family, alleging that the company's shares have been manipulated multiple times, resulting in the family amassing hundreds of crores of taka through these manipulations.

A senior company official, speaking on condition of anonymity, told The Daily Messenger that the ACC and BFIU have seized the bank accounts of Matiur Rahman's family members and subsequently, all the bank accounts of the company.

It is worth noting that a total of 16 BO (Beneficiary Owners) accounts have been discovered in the capital market under the names of former NBR member Matiur Rahman, also known as Pintu, and his family members, who were previously involved in the goat scandal. These BO accounts have been seized following the instructions of the Bangladesh Securities and Exchange Commission (BSEC), the capital market regulatory body.

Matiur Rahman was known in the capital market as a 'placement-hunter' of bad companies. He used to help in many ways to bring bad quality companies to the market. In return, he took the placement shares of the company at a low price. Later, after listing in the capital market, he used to sell those shares and make a huge profit. According to the sources, he has so far withdrawn profits of around 36 crore taka from five BO accounts opened in the name of himself, son, daughter and wife in two brokerage houses based in Chittagong and Dhaka.

It is known that apart from his own family members, two brothers of Matiur Rahman, MA Qayyum Howladar and Nurul Huda, sister Hawa Noor Begum and various companies opened in the names of sons and daughters have also been found in the names of placement shares. His brothers and sisters, sons and daughters and wife are also associated with the ownership of a company named SK Trims listed in the stock market.

According to BSEC sources, the Anti-Corruption Commission (ACC) has taken the initiative to investigate the corruption of Matiur Rahman and his family members. As part of this, the ACC applied for the seizure of BO accounts in the capital market under the names of Matiur Rahman and his family members. In response to the ACC's application, the BSEC took measures to seize these BO accounts.

Relevant sources indicate that out of the 16 BO accounts discovered so far, four are in the name of Matiur Rahman, two in the name of his first wife Laila Kaniz, two in the name of his son Ahmed Taufiqur Rahman Arnab, three in the name of his daughter Farzana Rahman Ipsita, and five in the name of his second wife Shammi Akhtar Shibli.