Orion Launches SAP ERP

Premier Leasing & Finance Limited faces significant financial challenges, with its auditor raising serious concerns about its ability to continue operations. Over the past four years, the company has incurred cumulative losses of Tk 8.71 billion, driven by a high volume of classified loans (72.5% of total loans), a negative capital adequacy ratio of -41.14%, and excessive liabilities.

State-owned Janata Bank is seeking a Tk 200 billion bailout to address a severe capital shortfall caused by alleged lending irregularities, primarily involving large business groups like Beximco and S Alam. These groups collectively account for over 45% of the bank’s loans, much of which are now classified as non-performing, leading to a capital shortfall of Tk 340 billion and NPLs totaling Tk 605 billion.

Non-life insurance companies in Bangladesh settled just 10% of claims, worth Tk 3,140 crore, between January and September 2024, compared to 15% in the same period last year. For 2023 as a whole, 41% of claims were settled, up from 35% in 2022.

Paramount Textile's profit dropped 20% year-on-year to Tk 191 million in Q1 FY25, primarily due to the closure of its associate company, Paramount Btrac Energy, a 200 MW diesel power plant, and higher finance costs.

The Bangladesh Securities and Exchange Commission (BSEC) fined 21 individuals and firms Tk 134 crore for manipulating shares of Bangladesh Finance and two Orion Group concerns. Tk 70.57 crore was levied for Bangladesh Finance manipulations, with notable fines including Tk 17 crore on Abu Sadat Md Sayem and Tk 9 crore on Sameer Sekander.

The National Board of Revenue (NBR) has instructed banks to unfreeze the accounts of United Commercial Bank (UCB) Chairman and Ananta Group Managing Director Sharif Zahir, his mother Qamrun Nahar Zahir, and his brother Asif Zahir. Qamrun Nahar is the chairperson, and Asif is the deputy managing director of Ananta Group, a leading garment exporter.