People’s Leasing and Financial Services Limited recently disclosed its financials for the last three years. The company will not be paying dividends to shareholders for 2019, 2020, and 2021 due to ongoing financial difficulties. In 2021, the NBFI showed some improvement as the loss per share decreased to Tk14.40 from Tk22.32 in 2020.
The company has faced significant challenges, including a loan scam, resulting in substantial losses since 2018. In response to a High Court order and regulatory rules, a reconstituted board is working on arranging annual general meetings (AGMs) through a digital platform on October 29.
The new board chairman is focused on reconstituting the company and addressing its capital needs. People’s Leasing has a history of financial irregularities dating back to 2004, and the central bank has taken various measures, including appointing an observer and removing directors, due to alleged embezzlement. The company’s liquidation process began in 2019, and its shares were suspended from trading in 2019 to protect investors’ interests.
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