The business of Sonargaon Textiles, listed on the stock exchange, has been going badly for several years. Out of the 5 fiscal years from the 2019-2024 fiscal year, there has been a loss in 3 fiscal years. There has been a slight profit in the remaining 2 fiscal years. The financial statements of this company for the 2023-24 fiscal year have shown stock products worth Tk 54 crore. The auditor has questioned the authenticity of which.

The auditor said that the company authorities have shown stock products worth Tk 53 crore 67 lakh in the financial statements. Which could not be verified by them on the spot. Even it could not be verified in any alternative way. The reason for this is that the company authorities were unable to cooperate with the auditor in calculating the stock products. The auditor said that false information may have been given as direct costs (Cost of Goods Sold) for the stock products and the products sold.

In the previous fiscal year, the auditor could not verify the authenticity of the stock products of Tk 50 crore 95 lakh shown in the company’s financial statements. The auditor was appointed late that year. The auditor said that false information may have been given as inventory in that year as well.

The Sonargaon Textile authorities did not transfer the undistributed dividend to the Capital Market Stabilization Fund as per the instructions of the stock market regulator Bangladesh Securities and Exchange Commission (BSEC). They did not even deposit that dividend in a separate account.

The auditor said that Sonargaon Textile has an undistributed dividend of Tk 1.4 million for 2019. Despite being unpaid for more than 3 years, the company authorities did not transfer it to the Capital Market Stabilization Fund as per the instructions of BSEC. They even did not have enough money in the bank account to pay that dividend.