Home ›› 29 Oct 2021 ›› Stock
One and a half years after reopening, Khulna Printing and Packaging Limited (KPPL) has temporarily stopped production, citing its chairman’s account frozen by the central bank to comply with the court order.
A court has ordered to freeze all bank accounts of KPPL Chairman SM Amzad Hossain and his all organisations, said the company in a filing with the Dhaka Stock Exchange on Thursday.
“The company will go to the court against the account freezes and others pending issues. Therefore, the factory will remain shut down temporarily until the withdrawal of the court order,” it said.
Earlier, the Bangladesh Bank’s Bangladesh Financial Intelligence Unit (BFIU) had frozen the bank accounts of Amzad Hossain, also a director of South Bangla Agriculture and Commerce Bank Limited (SBAC) on charges of money laundering.
Following the central bank’s action, the Anti-Corruption Commission (ACC) filed a case against him in court.
In 2018, the customs authorities blocked the BIN (Business identification number) number of the company due to the alleged irregularities, forcing the company to suspend the production. After one year, the production resumed.
The company recommended no dividend for the year ended on June 30, 2021. In the previous year, it distributed a 0.25 per cent cash dividend.
On Thursday, its share declined 10.24 per cent to Tk 11.40 on the DSE.
