Investment Corporation of Bangladesh (ICB) chairman Abu Ahmed said, “I flexibly presented the position of ICB to the financial advisor. I told him if ICB needs to be saved, then give some money. 3000 crore was given to ICB through a work plan. But out of this, 2 thousand crores of debt has been repaid. I am investing 20 to 30 crore daily out of the remaining 1000 crore taka. We are buying only the best of the best shares and it is being bought in a separate BO account.
He said this at a roundtable meeting on the current situation of the capital market and the roadmap for development at the DSE Tower in Nikujya on Tuesday (January 7). Advisor Dr. Salehuddin Ahmed was present as the chief guest. Khandaker Rashed Maqsud, Chairman of the capital market regulator Bangladesh Securities and Exchange Commission (BSEC), was present as the special guest in the meeting.
The roundtable meeting was chaired by DSE Chairman Mominul Islam. Also present were BSEC commissioners, Bangladesh Bank, National Board of Revenue, Financial Reporting Council, Insurance Development and Regulatory Authority, Investment Corporation of Bangladesh, Dhaka Stock Exchange, Chittagong Stock Exchange, Central Depository Bangladesh Limited, DSE Brokers Association, Bangladesh Merchant Bankers Association, Association of Asset Management Companies and Mutual Funds and VIPB Asset Management Company top-level representatives.
Abu Ahmed said, ICB is a government investment institution. It should have an accountability. The institution was very resourceful 15 years ago. But it needs to be investigated why it has become weak.
He said, ICB has loans of over Tk 9,600 crore, which ICB has issued bonds or taken loans from various sectors of the government.
ICB Chairman said, we need to increase supply in the market, bring quality shares. We need to try to list multinational companies. If we approach them properly, I hope they will be listed.
At the event, VIPB Asset Management Company CEO Shahidul Islam said, the financial reports of our country’s companies cannot be trusted. The reason the government does not receive taxes is that the capital market does not develop. The work that our regulators need to do has not been done. The regulators have to do their assigned work, it is not a matter of seeing what will happen to the market. This is the situation today because these works have not been done. The market will be better after a few years with the right work today, that is, enforcement action. The highest priority should be given to ensuring the transparency of financial reports. And the mistakes that have been made must be corrected.