B Mirror Report: A dispute over control of listed Navana Pharmaceuticals has escalated, with a Bangladesh Securities and Exchange Commission (BSEC) official temporarily suspended over alleged misconduct linked to the incident.

Following the exit of the Awami League government, the company has undergone significant changes, including multiple attempts to take control. These developments prompted the BSEC to initiate an investigation.

Sources said several influential shareholders, who had earlier resigned and are currently absconding after the political transition, have been attempting to regain control of the company from abroad. Among them are relatives of former land minister Saifuzzaman Chowdhury, along with associate Adnan Imam and their family members. An existing shareholder is reportedly assisting them.

As part of these efforts, a new board was formed on January 28, appointing Javed Kaiser Ali as chairman, Dr. Saeed Ahmed as managing director, and Md. Aminul Haque Bhuiyan as company secretary.

The current board later filed a complaint with the BSEC, alleging an attempt to forcibly take control of the company. In a preliminary review, the regulator found evidence supporting the allegation and formed a four-member probe committee. The reconstituted board has been allowed to remain in place until the investigation report is submitted.

During the investigation, BSEC Assistant Director Md. Ibrahim Ali was allegedly involved in sharing confidential information about the probe with Navana Pharma authorities in exchange for undue benefits. The matter came to light within the commission, leading to his suspension and the initiation of departmental proceedings.

According to an official order signed by BSEC Chairman Khondkar Rashed Maqsood, Ibrahim Ali has been charged under the commission’s employee service rules, 2021, on grounds of misconduct. If proven, the charges could result in dismissal or other major penalties. He will receive subsistence allowance during the suspension period as per government rules.

Separately, Navana Pharma is also facing a financial dispute with the National Board of Revenue (NBR), which has claimed Tk 1.39 billion in VAT from the company. The matter remains unresolved despite hearings and review petitions, auditors said.

Investors have expressed dissatisfaction over weak dividends. Despite raising Tk 750 million through its public offering, the company declared only a 14 percent dividend, or Tk 1.40 per share, for the 2024–25 fiscal year.

The company’s share price has also declined sharply amid internal conflicts and weak returns. It dropped from Tk 113.60 on May 12, 2024, to Tk 59.10 on April 15 this year a fall of about 48 percent.

Contacted for comment, Company Secretary Aminul Haque Bhuiyan declined to speak on the matter.