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Bangladesh Securities and Exchange Commission (BSEC) has further extended the timeframe for investigating into the Alif Industries’ financial statements by 60 days.
The stock market regulator also included one of its assistant directors to the committee which has been looking into whether the listed company is involved with any sort of money laundering.
On May 18, the BSEC formed a three-member committee, headed by its director Sheikh Mahbub Ur Rahman, to investigate Alif Industries’ affairs on the basis of its audited financial statements.
The probe body was initially asked to submit its findings in the next 30 days. As it failed to comply with the directive, the timeframe was extended in phases.
According to BSEC, the committee will ascertain whether the financial statements presented by the company a true and fair view of assets, liabilities, and equity of the company; and whether the company disclosed a fair measure of earnings and operating cash flows for the years ended on June 30, 2019, and June 30, 2020.
The inquiry team will also identify sponsor, promoter, and shareholder directors and make full disclosure of related party transactions between the company and the related parties for the last two years.
