A whole of 131.89 crore shares of Islami Bank, representing 81.92% of the monetary institution’s whole shares and owned by S Alam Community, were blocked, in accordance with the monetary institution’s September shareholding file.
The file was as soon as published on the monetary institution’s net diagram on Monday.
In its monthly shareholding file, the monetary institution acknowledged that the shares were blocked following an expose from the Bangladesh Securities and Commerce Fee (BSEC) issued on 24 August.
The BSEC’s expose came following a build a question to of from Bangladesh Bank on 20 August. The central monetary institution had urged the BSEC to freeze the shares owned by six people, in conjunction with S Alam Community Chairman Saiful Alam Masud, and 56 institutions associated with the community.
Currently, handiest 18.40 crore shares of Islami Bank are accessible for buying and selling on the Dhaka Stock Commerce, making up 11.43% of the monetary institution’s whole shares, in accordance with the file.
In the meantime, on Tuesday, the monetary institution’s allotment trace was as soon as Tk 56.40, bringing the total value of shares held by S Alam to Tk7,438 crore.
On 22 August, Islami Bank was as soon as freed from the grip of the controversial S Alam Community after nearly seven years, with the Bangladesh Bank appointing a brand contemporary 5-member board of administrators to supervise the monetary institution’s operations.
On 25 September, the BSEC asked the Dhaka bourse to evaluate the uncommon trace hike in Islami Bank shares which surged over 116% to Tk70.40 after the autumn of the outdated authorities until 25 September.
In an expose, the commission noted that the value and quantity of Islami Bank shares have fluctuated a great deal in present instances, which seems to be to be uncommon and suspicious.
In accordance with the BSEC expose, the nation’s premier bourse will evaluate the buying and selling of Islami Bank shares from 6 August to 25 September to title the reasons on the support of such uncommon trace and quantity actions, in conjunction with doable market manipulation, insider buying and selling, and other market abuses.
In accordance with sources from the central monetary institution and documents from Islami Bank, as of 18 August 2024, the total loan portfolio of Islami Bank stood at Tk1.5 lakh crore, with whole deposits amounting to Tk1,Fifty three,274.
Of these loans, Tk74,972 crore has been identified as benefiting the S Alam Community, which constitutes half of the total loans.
The loans amounting to Tk14,427 crore had been straight under the title of seven S Alam Community corporations.
