The Chattogram Port Authority (CPA) has seen its Tk77.68 crore investment in stocks and non-banking financial institutions (NBFIs) remain stuck for over a decade, according to a recent audit report. This includes Tk5.19 crore in shares of ICB Islamic Bank Ltd, which were purchased in 2008 when the shares were valued much higher. As of September 10, the share price had plummeted to Tk3.30, resulting in a loss of Tk3.52 crore. The report describes these investments as “unlawful,” citing violations of finance ministry directives issued in 2018, ten years after the investments were made. Additionally, the CPA invested Tk72.49 crore in the Investment Corporation of Bangladesh (ICB) in 2011, although this entity was not included in a list of approved NBFIs for investment. While the CPA claims these investments were made following board decisions and instructions, they have struggled to recover the funds, leading to prolonged financial entrapment. Despite the ICB paying interest regularly, the CPA has yet to receive a response regarding the return of its investments. The CPA has also previously invested over Tk1,144 crore in Fixed Deposit Receipts with financially weak banks, which remain unrecoverable due to liquidity issues.
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