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BSCCL Shows Tk 252 crore Share Capital Without Approval

Industry: ICT Sector, ISP
Company: Bangladesh Submarine Cable Company (BSCCL)
Company Intelligence Tag: Business Insights

The auditor of the Bangladesh Submarine Cable Company (BSCCL) has issued a qualified opinion on the state-run company’s financial report for the fiscal year ending June 2023. The report revealed an unapproved share capital of Tk 252 crore. BSCCL was required to obtain prior government approval to include this figure in its financial statement, but it had not secured all the necessary approvals.

A qualified opinion from the auditor indicates that the financial information provided is limited in scope or not in compliance with generally accepted accounting principles. BSCCL had received equity funds from the government for specific projects with the understanding that these funds would be converted into equity capital after receiving proper approvals from the authorities. However, as of June 30, 2023, no equity or share money had been converted into share capital. Despite this issue, BSCCL reported a record 51% cash dividend for FY2022-23, with a net profit of Tk 279 crore, a 13% increase from the previous year.

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