Corrupt directors and officers in listed company Simtex Industries Limited have turned the company into a bottomless basket. Therefore, the investors have written to the Bangladesh Securities and Exchange Commission (BSEC) demanding to dissolve the board of the company and reconstitute it.
According to the letter, Siddiqur Rahman and his son Niaz Rahman Shakib, the associates of PK Halder, the corrupt leader of the banking sector, took over the company. Since then money started laundering from the company. In the investigation of BSEC itself, these sensational facts about the embezzlement of SIMTEX money have come out.
According to the BSEC investigation report, Siddiqur Rahman was the sole signatory of the institution’s bank account. He could withdraw money from the bank without any transaction limit. On this occasion, he withdrew 48 crore 83 lakh taka from the bank in the financial year 2020-21 but paid various bills only 27 crore 99 lakh taka. That is, about 20 crore rupees of the company has been embezzled and smuggled.
According to the investigation report of BSEC, ACC filed the case against PK Halder. Siddiqur Rahman, his wife Mahfuza Rahman, two sons Niaz Rahman Saqib (current MD of Simtex) and Istiaq Rahman Imran, his brother Md. Ensan Ali Sheikh.
As a result, the court ordered these people to seize the shareholding of Simtex. In addition, the court ordered separately. Foreign travel ban imposed on Siddiqur Rahman and his wife Mahfuza Rahman.
Former Chairman of Simtex, Lieut. Colonel (Retd.) Md. Except for Anisur Rahman, Major General (Retd.) Md. Sarwar Hossain has been made Chairman by Independent Director, which is also not correct as per law. According to BSEC Corporate Governance Code 10.06.2018. Sarwar Hossain cannot in any way be an Independent Director in Simtex.
It is said in the letter that BSEC has previously investigated the various irregularities of Simtex and appointed a five-member board to protect the interests of the 56 percent shareholders. But fugitive Siddiqur Rahman, an associate of PK Halder, is holding all the keys from Portugal. And here his son Niaz Rahman Saqib temporarily stayed the order of an illegal MD court. It was dealt with in the BSEC and the Hon’ble Court directed to reconstitute the board to protect the interests of the 56 percent shareholders. So Md. Sarwar Hossain had no chance to stay there.
Niaz Rahman Shakib is directly involved in business and financial transactions with PK Halder. He is currently the MD of Simtex Industries Ltd. All shares of Simtex are frozen in his name. So morally he has no right to hold the post of Director and Managing Director of Simtex.
