B Mirror Report: The auditor has revealed serious irregularities against listed company Ambee Pharma for concealing investment information for about seven and a half years. During this long period, the company did not receive any dividends from the investment, and there are now concerns over the recovery of the invested funds.
This information was disclosed in the company’s financial statements for the 2024–25 fiscal year.
According to the auditor, Ambee Pharma invested Tk 4.61 crore in Bengal Meat Processing Industries over seven and a half years—from January 12, 2017, to June 30, 2024. However, the company did not record or disclose this investment in its financial statements during that period.
In the last fiscal year (2024–25), the company made an additional investment of Tk 65 lakh, bringing the total investment to Tk 5.26 crore. The company then disclosed the investment in its 2024–25 financial statements. This delayed disclosure constitutes a deviation from International Financial Reporting Standards (IFRS).
The auditor also stated that the company failed to provide a satisfactory explanation for not disclosing the investment in previous years.
Additionally, Ambee Pharma paid Tk 65 lakh in 2024–25 for 650,000 rights shares but did not receive the corresponding shares, according to the auditor.
The auditor further noted that, apart from photocopies of certificates issued by Bengal Meat Processing, Ambee Pharma could not provide any supporting documents or evidence against the total investment, including the rights shares.
Moreover, Ambee Pharma has not received any dividends from this investment so far. Given the prolonged absence of returns, the auditor has expressed concern about the recoverability of the invested amount.
When contacted, Ambee Pharma Company Secretary Mohammad Amir Hossain said that the company’s Annual General Meeting (AGM) has not yet been held. Shareholders may raise questions on the matter at the AGM. He also mentioned that the issue has been addressed in the directors’ report in the annual report.
It is worth noting that Abee Pharma, listed on the stock market in 1986, has a paid-up capital of Tk 2.40 crore. Of this, 22.75 percent is held by general investors excluding sponsor-directors.
