Home ›› 19 Nov 2021 ›› Stock
The International Leasing and Financial Services Ltd (ILFSL) started to recover the heavy losses years after restricting the board that took over the charge from the previous board allegedly involved in the embezzlement of thousands of crores of taka in league with PK Halder.
Net loss has been decreased by Tk 2,121.58 crore in 2020 compared to 2019 and Tk 71 crore in the first nine months of this year, said the company in a filing with the Dhaka Stock Exchange on Thursday.
Cuts in cost of funds, interest expenses, required provision, and rising loan recovery are the main factors behind minimizing the financial losses, according to the company.
Interest expense has been decreased by Tk 42.49 crore in 2020 compared to the previous year and operating expenses were down by Tk 3.36 crore during the period, it said.
Provision for leases, loans, and advances has been decreased to Tk 433.51 crore from Tk 2,035 crore and interest income increased by Tk 469.38 core during the period.
The total outstanding loan stood at Tk 4,022 crore while Tk 2,999 crore was defaulted. The amount of defaulted loan is 74.56 per cent of the company’s total outstanding loans.
On June 1, 2020, High Court appointed former secretary Nazrul Islam Khan as the chairman of the ILFSL after the ILFSL was saddled with huge defaulted loans due to irregularities.
After taking over the charge of the scam-hit ILFSL, he took various measures to recover the defaulted loans. And small depositors also started getting their money back.
“I’m putting all my eggs in a basket to bring back the ailing ILFSL on the track,” Khan told The Business Post over the phone from London.
He joined a board meeting virtually yesterday. The board decided to offer no dividend for the last year.
Former ILFSL Managing Director Abdul Khaleq Khan was allegedly one of the accomplices of Prashanta Kumar Halder, popularly known as PK Halder.
PK Halder is now staying in Canada, according to media reports.
In a probe report, Bangladesh Bank found that Tk 1,596 crore was transferred from ILFSL breaching the rules through 48 accounts of several organisations related to the directors and shareholders of the financial institution.
The Anti-Corruption Commission (ACC) filed five cases this year against 33 people, including PK Halder for approving and embezzling the funds using fake documents. Among the accused in the case, six are currently holding the posts of directors in the company.
ILFSL listed capital market in 2007 and traded now as ‘B’ category Company. Its share price is now being traded below the face value. It declined 1.47 per cent to Tk 6.70 on the Dhaka Stock Exchange on Thursday.
