Beximco Sukuk Bond Granted Share Conversion Approval

The Bangladesh Financial Intelligence Unit (BFIU) has ordered banks to freeze the accounts of Orion Group Chairman Obaidul Karim, Managing Director Salman Obaidul Karim, and other family members linked to the conglomerate.  Accounts of directors Arzuda and Zareen Karim, as well as relatives Mehadi Hasan and Rezaul Karim, will remain frozen for 30 days. 

The coal-based Banshkhali power station, operated by the S Alam group, received significantly higher capacity charges compared to other coal-fired power plants in Bangladesh during the 2023–24 financial year.  The plant, with a capacity of 1,224 MW, was paid Tk 3,287.86 crore for generating 240.29 crore units of electricity, equating to Tk 13.68 per unit. 

The Bangladesh Securities and Exchange Commission (BSEC) has announced an investigation into four mutual funds managed by CWT Private Equity following a meeting at its Agargaon office. This decision comes after the BSEC approved a trust deed for the CWT Private Equity Fund in June, which faced criticism from various analysts. The investigation aims to address concerns surrounding the management and operations of these mutual funds.

The Bangladesh Bank is facilitating loans for struggling banks by allowing stronger banks to lend to them, using the central bank's guarantee. This arrangement requires approval from the board of the weaker banks, followed by a contract with the central bank, enabling these banks to access special loans for a designated period. Initially, five private banks have been informed about this arrangement. Following political upheaval on August 5, which led to the restructuring of 11 bank boards, concerns over significant loan defaults and money laundering are being investigated.

Vicar International plans to acquire over 4% of South Bangla Agricultural and Commerce Bank (SBAC), purchasing approximately 3.48 crore shares valued at around Tk 28.90 crore based on current prices. The managing partner of Vicar is a director at SBAC, where Techno Electricals holds a 4.71% stake. The acquisition follows a director's decision to sell shares, with Vicar expressing intentions to buy through the block market, as disclosed on September 5 and 18, 2024. Vicar aims to acquire 98.21 lakh shares, and previously indicated interest in 2.50 crore shares. Following the announcements, SBAC's share price rose by 1.22% to Tk 8.90.

The Bangladesh Securities and Exchange Commission (BSEC) plans to seek a travel ban on top officials of Dhanmondi Securities and PFI Securities for embezzling Tk 353.6 million from clients' consolidated customers' accounts (CCAs). The BSEC will also request the depository authority to freeze the beneficiary owner accounts of these officials. Dhanmondi Securities misappropriated Tk 77.4 million and PFI Securities Tk 276.2 million.