What happened into Keya Cosmetics, as 72 lakh shares were sold in a single day; Where does Tk 150 crores gone embezzled by Abdul Khaleq

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What happened into Keya Cosmetics, as 72 lakh shares were sold in a single day; Where does Tk 150 crores gone embezzled by Abdul Khaleq

Abdul Khaleq Pathan, the owner of Keya Cosmetics, tried to sell the shares at Tk 4 to get rid of the debt, but he could not sell a few days ago. But now the same shares are being sold ranging from Tk 6.50 to Tk 7 and about 72 lakh shares were sold on a single day the Thursday of last week.

With the announcement of 10 percent stock dividend for the financial year ended June 30, 2018, there is no news about Keya Cosmetics. Investors have not yet seen a quarterly report from Keya Cosmetics, even though the three quarters of the fiscal year 2019 have already ended.

Abdul Khaleq Pathan, entrepreneur and chairman of Keya Cosmetics Limited, could not implement the plan to repay the loan to Kirishi Bank, Sonali Bank and South East Bank worth about Tk 150 crore by selling the shares.

While shareholders have a right to know where the future of Keya Cosmetics is going, they are being deprived of it. Apart from violating the law by not publishing regular financial reports, the scourge of corporate governance is also not seen in Keya Cosmetics. Keya Cosmetics, which was listed on the stock exchange in 2001, has an authorized capital of Tk 1,500 crore and a paid-up capital of Tk 1,211 crore. Out of the total 100 crore 21 lakh 8 thousand 60 shares, the Board has 47.28 percent.

When asked, Md Alamin, Marketing Manager of Keya Cosmetics Limited told Business Mirror that production and sales of Keya Cosmetics products are going on very good.

“I don’t know anything about corporate issue but I know Mr. Pathan is leading continue Keya Group operation in good way,” He added.

Institutional investors hold 7.97 percent and general investors hold 44.6 percent. It is learned that Abdul Khaleq Pathan, the entrepreneur and chairman of Keya Cosmetics, announced the sale of 30 million shares of Keya Cosmetics on December 16 last year to repay the bank’s loan. At that time he had 31 crore 21 lakh 79 thousand 510 shares of the company.

Meanwhile, Sonali Bank has filed a case against Keya Cosmetics in the Money Lending Court for non-payment of the loan. The bank’s Bangabandhu Avenue corporate branch has a loan amount of Tk 16 crore 44 lakh with interest. Sonali Bank General Manager (GM) and Bangabandhu Avenue Corporate Branch Manager Mohammad Saif Uddin said, “We have twice announced last year to auction the goods, buildings and equipment of Keya Cosmetics’ factory in Jarun, Gazipur to repay the defaulted loan.”

Story of Abdul Khaleque Pathan: A brick clin worker became top industrialist

Abdul Khaleque Pathan  used to think about small business when his friends were engrossed in sports after school holidays. Interestingly, he used to buy chickens, ducks and goats from one market at a lower price and sell them at another market at a higher price. This is how the turning point in his business life began to change. He did not have to stop here. Only one success after another has come. Developed art. The scope has been business.

Among the companies he has formed are Keya Knit Composite Limited, Keya Spinning Mills Limited, Keya Cotton Mills Limited, Keya Yarn Mills Limited, Keya Europe and Keya Cosmetics Limited, Keya Agro Process, Keya Paribas.  Keya Cosmetics was listed on the Dhaka Stock Exchange (DSE) in 2001. These industrial groups built through Khaleq Pathan’s enthusiasm, dedication, talent and hard work have gained a lot of fame at home and abroad. This group is better known as Keya Cosmetics.

The Anti-Corruption Commission (ACC) has arrested Keya Group Managing Director (MD) Abdul Khaleq Pathan on August 21, 2018 on charges of embezzling Tk 111.14 crore from Krishi Bank through loan fraud.  The other seven accused in the case are- Chairman of Keya Yarn Mills and his daughter Khaleda Parveen, another daughter Tansin Keya, his son Mashum Pathan, former SPO of Krishi Bank Kawranbazar branch Md. Abul Hossain, Golam Rasul, former AGM. Sarwar Hossain, former DGM and branch manager.

According to the statement of case, the accused embezzled Tk 111.14 crore from Kawranbazar branch of Krishi Bank in the name of loan in the name of Keya Yarn Mills, an associate company of Keya Group. Whether anyone else is involved in the incident will be investigated during the investigation of the case.

 

Bmirrorhttps://bmirror.net/
businessmirror20@gmail.com

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