SK Trims & Industries has announced the closure of its factory due to the freezing of all nine bank accounts since July, which was prompted by corruption and money laundering allegations. The company, which relies entirely on exports, struggled to operate without access to its funds. The frozen accounts are linked to a controversial revenue official, whose family members were reportedly investors in SK Trims through stakes in other companies. Following the closure announcement, SK Trims’ stock price dropped nearly 10% on the Dhaka Stock Exchange. The Bangladesh Bank, on the Anti-Corruption Commission’s recommendation, froze the accounts as part of an investigation into alleged illegal wealth accumulation. The commission is also probing the official’s family members’ financial activities and has requested wealth statements from them. Although the official has been transferred and retired, his family’s stake in SK Trims and other companies raises concerns about financial irregularities. The company’s total assets and liabilities were detailed, showing a complex financial picture amid the shutdown, which has led to investor concerns about recovering their investments.
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