Written by The Banking Post
The securities regulator has launched fresh investigations into whether Beximco properly used Tk 45 billion it raised through bonds in 2021 and 2024.
The conglomerate had collected Tk 30 billion in 2021 by issuing Beximco Green Sukuk bonds to finance two solar power projects — Teesta Solar and Korotoa Solar — and connect them to the national grid. Another Tk 15 billion was raised in 2024 through the IFIC Guaranteed Sreepur Township Zero Coupon Bond to invest in real estate.
Md Abul Kalam, spokesperson for the Bangladesh Securities and Exchange Commission (BSEC), said earlier probes focused on the approval process of these bonds but did not verify whether the funds were used as promised. “That’s why two new committees have been formed to see if the funds were misappropriated,” he said.
According to a BSEC order issued Wednesday, a three-member team will also examine the role of the issuer, trustees, and auditor of the Sukuk bond. The Investment Corporation of Bangladesh (ICB) acted as trustee and MJ Abedin & Co. Chartered Accountants was the auditor. For the Sreepur Township bond, Sandhani Life Insurance Company was trustee while the same audit firm was engaged.
The Sreepur bond drew controversy after Beximco promoted it as “IFIC Aamar Bond” in advertisements, although IFIC Bank was not the issuer. A previous BSEC probe found a significant portion of the project’s paid-up capital was siphoned off soon after funds were raised.
Questions have also lingered over the Sukuk bond. Around 70 per cent of subscriptions reportedly came from banks under pressure, while asset managers and bankers complained of being forced to buy the Shariah-compliant instrument.
Although Sukuk holders have so far received regular returns, uncertainty looms over repayment of the remaining interest and principal. The bond’s tenure ends in December 2026, but Beximco is seeking a five-year extension, fuelling fresh concerns.
