The Bangladesh Securities and Exchange Commission (BSEC) has halted the Tk 5 crore fundraising by Doer Services Ltd following media reports on problematic client agreements and profitability. The regulator will form a committee with the Dhaka Stock Exchange (DSE) to investigate the issues. Doer Services relies heavily on Agrani Bank and the Insurance Development and Regulatory Authority (Idra) for revenue, raising concerns about its financial stability. The DSE flagged issues such as related-party transactions and inadequate loan documentation. Doer Services’ plans for diversification and enhancing its credibility by raising funds from the stock market are now under scrutiny. The company’s financial practices, including a significant increase in share capital and interest-free loans to sister concerns, have raised red flags. Despite significant profits, the concerns over the company’s client concentration and financial management led to the suspension of the fundraising initiative. Doer aims to diversify its client base and strengthen its market position through this fundraising.
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