Fareast Finance and Investment Limited

Last updated
Fareast Finance and Investment Limited
DSE:  FAREASTFIN
Industry Financial services
Founded21 June 2001
Headquarters Dhaka, Bangladesh
Area served
Bangladesh
Key people
Md. Ashraful Moqbul (chairman) [1]
Website www.ffilbd.com

Fareast Finance and Investment (FFIL) is a major non-bank financial institution in Bangladesh providing leasing and loans. It is listed on the Dhaka Stock Exchange. [2]

Contents

History

Fareast Finance and Investment Limited was established on 21 June 2001. [3]

MA Khaleque was elected chairman of Fareast Finance and Investment Limited in 2006. [4] Khaleque was the founder of Prime Bank Limited and director of Northern General Insurance Company Limited. [4] Md Monir Hosain was elected vice-chairman of Fareast Finance and Investment Limited. [5] It was part of a 260 million taka syndicated loan to ALLTEX Industries led by One Bank Limited; Trust Bank Limited and Prime Finance and Investment Limited were the other partners. [6]

In 2007, Bangladesh Bank asked Fareast Finance and Investment Limited to go for an initial public offering. [7]

In 2010, Fareast Finance and Investment Limited was part of a United Commercial Bank led 2.5 billion taka loan for planned hospital in Chittagong, Imperial Hospital Limited. [8] The other members of the syndicate were Bangladesh Commerce Bank Limited, Dutch-Bangla Bank, NRB Global Bank Limited, Shahjalal Islami Bank, and Standard Bank Limited. [8] It had failed to offload its shares by 2010. [9]

Santanu Saha was appointed managing director of Fareast Finance and Investment Limited on 29 June 2011. [10]

In 2018, M Shamsul Islam Varosha, chairman of Varosha Match, replaced MA Khaleque as chairman of Fareast Finance and Investment Limited. [11] Southeast Bank Limited signed an agreement to cooperate with Fareast. [12]

Fareast Finance and Investment Limited report a loss for the 2020 fiscal year and the board voted against dividends for shareholders. [13] Bangladesh Securities and Exchange Commission fined MA Khaleque, chairman of Fareast, and Rubaiyat Khaled, director of Fareast, for selling their shares without authorization. [14] Since 2016, Fareast has not announced dividends for shareholders. [15] [16] Anti-Corruption Commission ordered former chairman MA Khaleque to not leave the country. [11]

In 2022, Muhammad Ali Zaryab, managing director of Fareast Finance and Investment Limited, said Bangladesh Bank rescheduled it's defaulted loans from 20 banks except Dutch Bangla Bank Limited. [17] The company shares had moved to the Z category in the Dhaka Stock Exchange and Bangladesh Securities and Exchange Commission reorganized the board of directors in March 2021 after finding irregularities with the management. [18] [19] [20] It had lent 500 million taka to Proshanta Kumar Halder, a notorious swindler. [21] Bangladesh Bank found former officials MA Khaleque, Shantanu Saha, Mohammad Hafizur Rahman, and Md Rafiqul Islam. [21] 49.8 percent of the loans of Fareast had defaulted. [21]

Subsidiary

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References

  1. ↑ "FFIL | BoardOfDirectors". www.ffilbd.com. Retrieved 2022-10-13.
  2. ↑ "Stocks bleed for 7th day". The Daily Star. 2021-10-20. Retrieved 2022-10-13.
  3. ↑ "FFIL | Profile". www.ffilbd.com. Retrieved 2022-10-13.
  4. 1 2 "Fareast Finance chairman re-elected". The Daily Star. 19 September 2006. Archived from the original on 13 October 2022. Retrieved 13 October 2022.
  5. ↑ "New chairman, vice chairman of Fareast Finance". The Daily Star. 2007-09-18. Retrieved 2022-10-13.
  6. ↑ "One Bank arranges Tk 26cr syndicated loan for ALLTEX". The Daily Star. Archived from the original on 2022-10-13. Retrieved 2022-10-13.
  7. ↑ "9 NBFIs to come under lens". The Daily Star. Retrieved 2022-10-13.
  8. 1 2 "UCB arranges Tk 250cr for Imperial Hospital". The Daily Star. 2015-03-10. Retrieved 2022-10-13.
  9. ↑ Rahman, Sajjadur (2010-04-11). "Time running out for 3 NBFIs for listing". The Daily Star. Retrieved 2022-10-13.
  10. ↑ "Fareast Finance gets new MD". The Daily Star. 2011-06-29. Retrieved 2022-10-13.
  11. 1 2 "Fareast Finance deprives shareholders of dividends for fourth straight year". The Business Standard. 2022-08-22. Retrieved 2022-10-13.
  12. ↑ "Southeast Bank inks deal with Fareast Finance". Daily Sun. Retrieved 2022-10-13.
  13. ↑ "Fareast Finance posts losses in 2020". The Daily Star. 2022-08-22. Retrieved 2022-10-13.
  14. ↑ "BSEC slaps fine on Fareast Finance chairman, director". The Daily Star. 2020-09-04. Retrieved 2022-10-13.
  15. ↑ Habib, Ahsan (2022-05-29). "Board recast of closed, poor performing companies paying off". The Daily Star. Retrieved 2022-10-13.
  16. ↑ "Fareast Finance deprives shareholders of dividends for fourth straight year". The Business Standard. 2022-08-22. Retrieved 2022-10-13.
  17. ↑ Uddin, AKM Zamir (2022-02-10). "Troubled NBFIs render Tk 1,000cr bank loans sour". The Daily Star. Retrieved 2022-10-13.
  18. ↑ Habib, Ahsan (2022-08-03). "Several NBFI boards to be restructured". The Daily Star. Retrieved 2022-10-13.
  19. ↑ "BSEC recasts board of Fareast Finance". Dhaka Tribune. 2021-03-30. Retrieved 2022-10-13.
  20. ↑ "BB unearths massive financial swindle at Fareast Finance and Investment". BizData Insight. 2021-11-12. Archived from the original on 2022-10-13. Retrieved 2022-10-13.
  21. 1 2 3 4 "6 NBFIs burdened with Tk6,916cr default loans". The Business Standard. 2021-12-27. Retrieved 2022-10-13.
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