Over 4 million share out of 2.2 billion has been handed over a single day of scam-hit International Leasing & Financial Service Ltd (ILFSL) which has decided not to provide any dividend for the year 2020/2021 financial year.
Industry sources said, the company management led by its Chairman NI Khan is trying to recover the losses which will take a long time of discipline renewed financial activities.
But the people inside the capital market told Business Mirror that the hype for the share of the International Leasing is artificial as no indications or no significant gain has been recorded so that the public can show such abnormal interest towards equity company.
The ILFSL reported consolidated earnings per share of Tk 9.26 in the negative for the year that ended on December 31, 2021. It was Tk 31.30 in the negative a year ago.
Consolidated net asset value per share stood at Tk 154.19 in the negative, against Tk 144.93 in the negative a year ago, while consolidated net operating cash flow per share was Tk 1.51 in the negative from Tk 7.04 in the negative.
In a posting on the Dhaka Stock Exchange today, ILFSL said its net profit after tax increased by Tk 488.02 crore in 2021 compared to last year, thanks to a decrease in interest expenses, operating expenditures, and provisions for leases, loans and advances.
ILFSL is one of the financial institutions that witnessed the embezzlement of thousands of crores of taka by Proshanto Kumar Halder and his allies.
Net losses of International Leasing and Financial Services Limited (ILFSL) – a non-bank financial institution (NBFI) – decreased in 2021, compared to 2020, thanks to the significant drop in its provision for leases, loans and advances.
The NBFI incurred a loss of Tk205.39 crore in 2021, which was Tk694.26 crore in 2020. In 2021, the net loss per share stood at Tk9.26, which was Tk31.30 in 2020.
The allegation of embezzlement against PK Halder surfaced after the Anti-Corruption Commission launched an inquiry into the wealth of illegal casino owners last year. Halder and his accomplices misappropriated around Tk3,500 crore from ILFSL.
In a bid to save the dying financial institution, the court appointed Khandaker Ibrahim Khalid, former governor of the Bangladesh Bank, as the chairman, but he later resigned.
Then, the central bank appointed former Secretary Md Nazrul Islam Khan as the company’s chairman. The High Court appointed five independent directors to the company.
ILFSL’s product consists of corporate and structured finance solutions, project finance, term finance, real estate finance, SME finance, work order finance and personal finance including home loan, car loan, personal loan etc. It has also various attractive deposit scheme including double money scheme, triple money scheme, term deposit, monthly income scheme etc.ILFSL is the first generation licensee of Primary Dealership (PD) from Bangladesh Bank to buy and sell government treasury bills and bonds in the secondary market. Its subsidiary International Leasing Securites Limited (ILSL) provides full fledged stock brokerage services including full service depository participant (DP) of CDBL and margin loan for share trading. Another subsidiary IL Capital Limited provides merchant banking services including issue management, underwriting, capital raising, merger & acquisition etc.