Beximco Pharmaceuticals Limited has denied allegations of money laundering related to its investment in Saudi Arabian company Jubail Pharma Co Ltd. The company clarified that its minority stake in Jubail Pharma resulted from a technology transfer agreement, not a financial investment, and that it received Bangladesh Bank approval for this acquisition. The clarification follows reports of a probe by the Criminal Investigation Department (CID) into Beximco Group’s financial dealings, including those involving Beximco Pharma. The company emphasized that it is independently operated and not involved in the loans or financial issues associated with Beximco Group. Despite recent controversies and a 41% drop in share price since the government change, Beximco Pharma reported a 13% revenue growth to Tk3,305 crore and a 22% increase in net profit to Tk437 crore for the first three quarters of FY24, while also paying a 35% cash dividend for FY23.
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