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Best Holdings (Hotel La Meridian) has committed the best fraud in the history of the country’s Stock Exchange. An audit and reassessment of assets by two recently banned audit firms showed that a hotel’s assets are worth Rs 6,720 crore.
In this case, the price of a 10-story building has been shown to be only Tk 3656 million rupees. The cost of each room is 12 crore 37 lakh rupees. In foreign currency that is 14 lakh 54 thousand dollars. La Meridian’s paid-up capital has increased more than 100 times in one year.
Due to this false financial report, the application for IPO (initial holding) of this company was rejected by the regulatory body of the Bangladesh Securities and Exchange Commission (BSEC). Additionally, the company has been rated non-compliant in the stock market assessment.
Even then, all arrangements for direct enrollment were finalized by showing a private company to the government. In this case, the governmental investment institution ICB has shown itself as the issuing manager of this process without any type of agreement.
However, the ICB protested. In case of listing, a letter from the Minister of Finance has been brought and delivered to BSEC, Bangladesh Bank and Stock Exchange. However, at the behest of higher levels of government, the regulatory body eventually canceled the process.
Then another letter from the Ministry of Finance suspended the minister’s previous letter. Recently, state banks have been asked to explain their investments in the institution.
The Anti-Corruption Commission (ACC) is currently investigating the company’s money laundering abroad. All in all, it was designed to raise a few billion rupees on the market.
Involved in this is a group led by an influential member of the Dhaka Stock Exchange (DSE) who was accused of stock market scandal in both 1996 and 2010. And the problem manager is Race Portfolio and Issue Management Limited .
And right now it is the hottest topic on the stock market right now. Economists say tough measures must be taken against such fraud.
Otherwise, they will alienate investors and put the government back in an embarrassing situation. However, the Bangladeshi regulator BSEC says they will investigate the matter.
When asked, BSEC CEO Mohammad Rezaul Karim told Jugantar that he had applied for listing directly on the stock exchange. The new report has not yet reached BSEC.
We will check it when it arrives. He said action would be taken in accordance with the law if the auditing company conducted a further assessment. When asked, former Bangladesh Bank Khandaker Deputy Governor Ibrahim Khaled told Jugantar that there are many irregularities in the company.
One of them is overvaluation. The resources have been shown much more. He said that government banks have much more investment in this company. And the money from the government bank belongs to the people.
However, the Ministry of Finance has sought an explanation for the investment. But the explanation is not the last word. To do this, a high-level investigation committee must be formed. Strict measures must be taken against those guilty of the investigation.
This stock market manipulation design was made by La Meridian two years ago. Then the process begins. In this case, you first borrowed from a government bank. Subsequently, the meeting is managed in various ways and is converted into placement actions.
The company receives around Rs 2 billion from four banks. In this case, the unusual 10 taka shares are sold to banks at 75 taka with a 55 taka premium. Jugantar published a report about it at the time.
According to the prospectus released to the stock exchange, the company has Hasan Ahmed Bhuiyan as president and Amin Ahmed Bhuiyan as managing director.
The Anti-Corruption Commission (ACC) is currently investigating Amin Ahmed Bhuiyan’s money laundering abroad. The authorized capital of the company is 1,500 crore and the paid-up capital is 80 crore 97 lakh.
The asset value of each share is shown as Rs 7.8. The Issue Manager is Race Portfolio and Issue Management Limited.
The auditors are artisan chartered accountants who were recently expelled from the Bank of Bangladesh for two years. The BSEC had previously warned Artisan about a false audit.
Also, the appraisal institute is Mahfel Haque & Co., which was recently banned from the Bangladesh Bank. The company wants to launch 4 crore 35 lakh 46 thousand 8 shares in the market. In this process, it has initially proposed to take Tk 263.06 crore at a rate of Tk 75.
Meanwhile, the company’s paid-up capital has been shown to be unusually high. The paid-up capital of the company has increased 100 times in one year. The total number of shares of the company as of June 30 this year is 8 crore 9 lakh 62 thousand.
And the paid-in capital stands at Tk 80.96 crore. At the same time last year, it was only 8 crore 73 lakh.
Five years ago, the paid up capital was just Rs 1 crore. The price of each share of the company has been offered at Rs. As a result, the total value of all shares in the company amounts to Tk 5,061.26 million rupees.
Unprecedented fraud has been reported in increasing the company’s assets. As of June 30 of this year, it has been shown that the company’s total assets amount to 6,620 million Tk. 5 years ago, it was 3,415 crore rupees.
As a result, assets have increased by 128 percent in 5 years. From the total assets of the company, it has been shown that the price of the hotel building is 3.656 million Tk. The 10-story building has 304 rooms on 95 percent or 3 bighas of land.
In this case, the price for each room is 12 crore 37 lakh rupees. As such, the cost of each room is 14 lakh 54 thousand dollars.
But according to the world-famous website Fixer.com, the construction cost of each room in a five-star hotel in Europe is ৬ 84,200, while in India it is লাখ 316,200.
According to Cora.com, another internationally renowned website, the maximum cost to build each room at the Marriott is ৩ 300,000. Hilton Francis 250,000 ২.
On the other hand, DSE has built an avant-garde 14-storey building on 4 large lots next to La Meridian. The value of this building has been estimated at Tk 600 crore.
In other words, the Meridian is 6.5 times more expensive than the DSE, despite its small size, low height, and relatively compact Newman build frame.
Furthermore, the value of the La Meridian project built on 1.49 acres of land in the Bashundhara area has been shown to be Tk 264 crore, the project value on 23 acres of land in Bhaluka 550 crore, the Muslim Luxury project Collection worth Rs 51 crore, the corporate office value 104 crore, the second on 27 acres of land in Bhaluka. The cost of the project is Rs 963 crore, 124 acres of land in Noakhali Subarnachar is worth Rs 361 crore, Diabari Uttara project is worth Rs 424 crore, Birulia project is worth Rs 321 crore and another project in Bhaluka is worth Rs 207 crore.
No private company is authorized to list directly on the stock market. For this reason, a quarter have taken the initiative to include private enterprise as government.
In this case, government banks have placement shares of 29.58 percent. By showing these shares as government property, an attempt has been made to establish the company as a state-owned company.
In this case, of the total shares of Best Holding, 52.01 percent is for entrepreneurs and 48.99 percent is for private placements.
Among private placements, 29.56 percent of state banks. According to the company’s prospectus listed on the stock exchange, the company’s managing director, Amin Ahmed Bhuiyan, has 24.33 million shares.
As a percentage, that is approximately 26.93 percent. Also, Capital Banani Limited has 13.6 percent and Best Service Limited has 4.53 percent shares.
Furthermore, those who have shares and placement shares in their name, Bangladesh Fixed Income SPV Fund has 2 crore 45 lakh 8,150 shares.
Which is 2.62 percent of the total shares of the organization. Umme Kulsum 2 crore 45 lakh, Multi Securities and Services 2 crore 51 lakh 36 thousand 435.
The president of the company Hasan Ahmed has taken 2 crore 31 lakh 1 and Afra Begum has taken 1 crore 92 lakh shares. Fast Bangladesh Fixed Income Fund took 1 crore 82 lakh 23 thousand 364 shares, Afra Anjum (UBO) 1 crore 10 lakh and Techno Canvas Limited took 6 lakh 92 thousand 4 hundred shares.
Hasan Ahmed has taken 60 lakh, Umme Kulsum 57 lakh 50 thousand, Mohammadul Mosha 53 lakh 64 thousand 617, Mohammad Obaidul Haque 53 lakh 74 thousand 617.
Sadman Hasan Khan has 52 lakh 30 thousand 60, Popular Life Fast Mutual Fund has 33 lakh 75 thousand 692, PHP Fast Mutual Fund has 30 lakh 91 thousand 365. Ripa Akhter has 23 lakh 8 thousand 793 shares, Gulshana Ara Mia has 15 lakh 36 1,462 shares and Kazi Shah Alam has 10 lakh shares. Niaz Abrar Khan 9 lakh 23 thousand 7, Stella Power Limited 6 lakh 79 thousand 231, Farabi NA Rahman 5 lakh shares.
Fuad NA Rahman has taken 5 lakh, Laila Rahman 3 lakh 6,600, Syed Iqbal Hossain 3 lakh, Mohammad Arfadur Rahman 2 lakh shares. Maryland. Shafiqur Rahman took 1 lakh 54 thousand, SM Khurshid-ul-Alam 1 lakh, Mohammad Saifullah 1 lakh.
Maryland. Shamsul Alam has taken 1 lakh, Sujana Samrin 1 lakh, Farheen Rishta bint Benazir 1 lakh, Tahsin Raisa bint Benazir 1 lakh, Tasreen Mujib 1 lakh and Afroza Khan 1 lakh of placement shares.
According to the banks, the market price of 1 lakh shares is Rs 75 lakh as the price of each share is Rs 75. In addition, the mutual funds of 8 banks have taken placement actions of one crore 51 lakh.
If you want to meet the former financial adviser to the interim government. AB Mirza Azizul Islam told Jugantar that the BSEC has blocked the direct listing of the company.
This is positive. He said the hotel business is not good because of Corona. People do not leave home. International travel is strictly prohibited.
In this case, the justification for bringing such a hotel to the stock market must be considered. He said the decision on the organization should be made carefully. In this case, if the audit report is not correct, action must be taken.
Amin Ahmed Bhuiyan, managing director of La Meridian, was repeatedly contacted on his mobile phone, but could not be reached for comment.
However, on condition of anonymity, a company official told Jugantar on Thursday night that he had already turned off his mobile phone. Do not talk to any medium.
No news from the company. However, your reporter will be informed. Let’s see if it says something. But there was no response until this report was written.
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