FAS Finance and Investment Limited

Last updated
FAS Finance and Investment Limited FFIL
Type Public company
DSE:  FASFIN
IndustryFinancial services
Founded1997;26 years ago (1997)
Headquarters Dhaka, Bangladesh
Key people
Mohammed Nurul Amin (Chairman), A. F. Shabbir Ahmad (Managing Director) [1]
Website www.fasbd.com

FAS Finance and Investment Limited is a major non-bank financial institution in Bangladesh providing lease financing and investment services. [2]

Contents

In 2020, it was one of the financial institutions targeted by Prashanta Kumar Halder, nicknamed the Sultan of Swindle by The Daily Star, [3] who had stolen 102 billion taka from FAS Finance and Investment Limited, People's Leasing and Financial Services Limited, International Leasing and Financial Services Limited, Reliance Finance Limited, and NRB Global Bank Limited. [4] [5]

It is listed on the Dhaka Stock Exchange. [6]

History

FAS Finance and Investment Limited was established on 4 March 1997 and received license to operate as a merchant bank 22 January 1998. [7]

FAS Finance and Investment Limited became a public limited company on 18 August 2001. [7]

On 14 February 2007, FAS Finance and Investment Limited open its branch in Chittagong and in Narsingdi in July. [7] The institution went for IPO in 2007. [7]

FAS Finance and Investment Limited opened a branch in Sylhet on 9 July 2008. [7]

The company was initially run by Abdul Matlub Ahmad, chairman of Nitol Niloy Group, and his family members. [8] It was financially sound unit they sold their stakes in 2014. [8] Prashanta Kumar Halder and his associates took control in 2014 and appointed Md Rassel Shahriar managing director of FAS Finance and Investment Limited. [9] Md Rassel Shahriar and Prashanta Kumar Halder worked together in the same bank in 2007. [9] Ujjal Kumar Nandi, another associate of Halder, was appointed director of FAS Finance and Investment Limited. [2]

On 28 April 2017, Md Siddiqur Rahman was appointed managing director of FAS Finance and Investment Limited. [10] He served as a director of Nitol Insurance Company Limited, a concern of Nitol Niloy Group, and Clewiston Foods & Accommodation Limited, a concern of Clewiston Group. [10] [11]

Pritish Kumar Sarker became the managing director of FAS Finance and Investment Limited in January 2018. [12] The company was profitable till 2018. [13]

Bangladesh Securities and Exchange Commission on 31 May 2021 had formed a new board of directors for FAS Finance and Investment Limited. [12] On 7 June 2021, Bangladesh Bank stopped Pritish Kumar Sarker, managing director of FAS Finance and Investment Limited, from travelling to the United States. [12] The ban was confirmed by immigration unit of Bangladesh Police. [14] Prashanta Kumar Halder had embezzled 13 billion taka from FAS Finance and Investment Limited through fraudulent loans. [12] [15] Halder had scammed three other financial institutions leaving to unable to pay back loans taken from various banks in Bangladesh. [16] [17] He was able to do so by getting his relatives appointed as directors in those institutions. [18] Officers at FAS Finance and Investment Limited who refused to help Halder with the fraud were punished by the company. [19] Halder had left the financial institution financially crippled. [8] Halder was arrested in India which raised the prices of the stocks of FAS Finance and Investment Limited. [8]

On 16 February 2022, Md Rassel Shahriar, former managing director of FAS Finance and Investment Limited was detained by the Anti-Corruption Commission. [9] Central Depository Bangladesh Limited was ordered to seize the stocks owned by Prashanta Kumar Halder. [20]

Subsidiary

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References

  1. ↑ "FAS Finance & Investment". www.fasbd.com. Retrieved 2022-10-10.
  2. 1 2 "FAS Finance: PK Halder's same old trick to embezzle Tk1,300cr". The Business Standard. 2021-09-18. Retrieved 2022-10-10.
  3. ↑ Khan, Mahbubur Rahman (2020-08-23). "Sultan of swindle". The Daily Star. Retrieved 2022-10-10.
  4. ↑ Khan, Mahbubur Rahman (2020-09-27). "From the Archives: So far Tk 10,200cr swindled by PK Halder". The Daily Star. Retrieved 2022-10-10.
  5. ↑ Khan, Mahbubur Rahman (2022-05-21). "Unrestrained, PK Halder became the sultan of swindle". The Daily Star. Retrieved 2022-10-10.
  6. ↑ "Profit-taking sends stocks lower". The Daily Star. Star Business Report. 2022-09-11. Retrieved 2022-10-10.
  7. 1 2 3 4 5 "FAS Finance & Investment". www.fasbd.com. Retrieved 2022-10-10.
  8. 1 2 3 4 "Beleaguered FAS Finance in search of revival plan". The Business Standard. 2022-07-02. Retrieved 2022-10-10.
  9. 1 2 3 "FAS Finance ex-MD Rassel arrested as ACC okays 13 embezzlement cases". The Business Standard. 2022-02-16. Retrieved 2022-10-10.
  10. 1 2 Desk (2017-04-28). "New chairman for FAS Finance". The Daily Star. Star Business. Retrieved 2022-10-10.
  11. ↑ "Signing deal". The Daily Star. 2011-07-05. Retrieved 2022-10-10.
  12. 1 2 3 4 Uddin, Zamir (2021-06-07). "BB stops FAS Finance MD's US trip". The Daily Star. Retrieved 2022-10-10.
  13. ↑ Habib, Ahsan (2022-05-29). "Board recast of closed, poor performing companies paying off". The Daily Star. Retrieved 2022-10-10.
  14. ↑ Uddin, AKM Zamir (2022-09-16). "Bar on ex-MD of FAS Finance from leaving country". The Daily Star. Retrieved 2022-10-10.
  15. ↑ "Disciplining financial institutions". The Financial Express. The Financial Express. Retrieved 2022-10-10.
  16. ↑ Uddin, AZK Zamir (2022-02-10). "Troubled NBFIs render Tk 1,000cr bank loans sour". The Daily Star. Retrieved 2022-10-10.
  17. ↑ Staff Correspondent (2021-01-04). "4 describe to court grief caused by PK Halder". The Daily Star. Retrieved 2022-10-10.
  18. ↑ Khan, Mahbubur Rahman (2020-08-14). "Ex-Reliance Finance MD embezzled Tk 3,000cr". The Daily Star. Retrieved 2022-10-10.
  19. ↑ Khan, Mahbubur Rahman (2021-08-17). "PK Halder's Scam: Officials were punished for not signing off loans". The Daily Star. Retrieved 2022-10-10.
  20. ↑ "BSEC orders seize on PK Halder's shares". www.dhakatribune.com. 2022-05-20. Retrieved 2022-10-10.
  21. ↑ "FAS Finance & Investment". www.fasbd.com. Retrieved 2022-10-10.
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