ACI shows Tk 9b loss against its Tk 360m company assets

Serious allegation has been raised against Advanced Chemical Industries (ACI) including disclosing fake financial statement, depriving shareholders from proper dividend, dodging tax and VAT and irregularities in its subsidiaries.

Suspicion has raised over the financial statements for the last few years of medicine and chemical company, ACI. The Dhaka Stock Exchange, DSE, has already decided to carry out an investigation. A committee, formed for this purpose, will sit on 17 February next.

DSE’s director and former president, Md. Rakibur Rahman, told, “The first meeting of the probe committee will be held today and we will be able to submit the report within the designated 15 day period.”

A DSE director, says, “ACI’s losses are manufactured and the recent financial statements fabricated.”

Money is being skimmed off form the main company. The company with Tk 360 million as asset showed as loss of Tk 9 billion for a subsidiary company, which is implausible, observed the director.

“This is not a private organisation and arbitrary behaviour will not be allowed because shareholders also own part of the company.”

Secretary of ACI, Md Mostafizur Rahman, told, “ACI does excellent business and the loss was due to the price of fuel, which is mentioned in our financial statement.”

ACI has been giving subsidy to ACI Logistic Limited (Shopno) for the last ten years which has triggered suspicion among shareholders and capital market investors.

ACI’s financial statement says that the company is facing losses for five reasons, devaluation of Taka against Dollar, rise of interest rate in banks, fall of profit from subsidiary companies, rise of the price of raw materials in international market and rise of expenditure in income tax.

ACI has several joint investment companies with several foreign agencies in the country along with several associate companies. A part of ACI’s profit comes from these companies; but recently, income from these has reportedly fallen by twenty per cent.