People’s Leasing and Financial Services Limited (PLFS), has called its first annual general meeting (AGM) in six years, following a direction from the High Court. The AGM, scheduled for September 27, 2023, will discuss audited financial reports and dividends for the years 2018 to 2021. Shareholders will also elect new directors.
The company has faced financial scandals since 2004 and had directors removed by the Bangladesh Bank in 2015 due to alleged embezzlement of Tk358 crore. It began its liquidation process in April 2019 and failed to repay depositors money despite the maturity of their funds because it failed to realize money from defaulter organizations.
As of December 2018, the company had Tk2,036 crore in deposits, Tk1,131 crore in outstanding loans, and Tk748 crore in defaulted loans, accounting for 66% of total loans. The company’s listing on stock exchanges dates back to 2005, with sponsors and directors holding 23.21% of shares, while the rest are owned by institutional, foreign, and general investors.