Fareast Finance and Investment Limited

Fareast Finance and Investment Limited
DSE: FAREASTFIN
IndustryFinancial services
Founded21 June 2001
HeadquartersDhaka, Bangladesh
Area served
Bangladesh
Key people
Md. Ashraful Moqbul (chairman)[1]
Websitewww.ffilbd.com

Fareast Finance and Investment (FFIL) is a major non-bank financial institution in Bangladesh providing leasing and loans. It is listed on the Dhaka Stock Exchange.[2]

History

Fareast Finance and Investment Limited was established on 21 June 2001.[3]

MA Khaleque was elected chairman of Fareast Finance and Investment Limited in 2006.[4] Khaleque was the founder of Prime Bank Limited and director of Northern General Insurance Company Limited.[4] Md Monir Hosain was elected vice-chairman of Fareast Finance and Investment Limited.[5] It was part of a 260 million taka syndicated loan to ALLTEX Industries led by One Bank Limited; Trust Bank Limited and Prime Finance and Investment Limited were the other partners.[6]

In 2007, Bangladesh Bank asked Fareast Finance and Investment Limited to go for an initial public offering.[7]

In 2010, Fareast Finance and Investment Limited was part of a United Commercial Bank led 2.5 billion taka loan for planned hospital in Chittagong, Imperial Hospital Limited.[8] The other members of the syndicate were Bangladesh Commerce Bank Limited, Dutch-Bangla Bank, NRB Global Bank Limited, Shahjalal Islami Bank, and Standard Bank Limited.[8] It had failed to offload its shares by 2010.[9]

Santanu Saha was appointed managing director of Fareast Finance and Investment Limited on 29 June 2011.[10]

In 2018, M Shamsul Islam Varosha, chairman of Varosha Match, replaced MA Khaleque as chairman of Fareast Finance and Investment Limited.[11] Southeast Bank Limited signed an agreement to cooperate with Fareast.[12]

Fareast Finance and Investment Limited report a loss for the 2020 fiscal year and the board voted against dividends for shareholders.[13] Bangladesh Securities and Exchange Commission fined MA Khaleque, chairman of Fareast, and Rubaiyat Khaled, director of Fareast, for selling their shares without authorization.[14] Since 2016, Fareast has not announced dividends for shareholders.[15][16] Anti-Corruption Commission ordered former chairman MA Khaleque to not leave the country.[11]

In 2022, Muhammad Ali Zaryab, managing director of Fareast Finance and Investment Limited, said Bangladesh Bank rescheduled it's defaulted loans from 20 banks except Dutch Bangla Bank Limited.[17] The company shares had moved to the Z category in the Dhaka Stock Exchange and Bangladesh Securities and Exchange Commission reorganized the board of directors in March 2021 after finding irregularities with the management.[18][19][20] It had lent 500 million taka to Proshanta Kumar Halder, a notorious swindler.[21] Bangladesh Bank found former officials MA Khaleque, Shantanu Saha, Mohammad Hafizur Rahman, and Md Rafiqul Islam.[21] 49.8 percent of the loans of Fareast had defaulted.[21]

Subsidiary

  • Fareast Stocks and Bonds[21]

References

  1. ^ "FFIL | BoardOfDirectors". www.ffilbd.com. Retrieved 2022-10-13.
  2. ^ "Stocks bleed for 7th day". The Daily Star. 2021-10-20. Retrieved 2022-10-13.
  3. ^ "FFIL | Profile". www.ffilbd.com. Retrieved 2022-10-13.
  4. ^ a b "Fareast Finance chairman re-elected". The Daily Star. 19 September 2006. Archived from the original on 13 October 2022. Retrieved 13 October 2022.
  5. ^ "New chairman, vice chairman of Fareast Finance". The Daily Star. 2007-09-18. Retrieved 2022-10-13.
  6. ^ "One Bank arranges Tk 26cr syndicated loan for ALLTEX". The Daily Star. Archived from the original on 2022-10-13. Retrieved 2022-10-13.
  7. ^ "9 NBFIs to come under lens". The Daily Star. Retrieved 2022-10-13.
  8. ^ a b "UCB arranges Tk 250cr for Imperial Hospital". The Daily Star. 2015-03-10. Retrieved 2022-10-13.
  9. ^ Rahman, Sajjadur (2010-04-11). "Time running out for 3 NBFIs for listing". The Daily Star. Retrieved 2022-10-13.
  10. ^ "Fareast Finance gets new MD". The Daily Star. 2011-06-29. Retrieved 2022-10-13.
  11. ^ a b "Fareast Finance deprives shareholders of dividends for fourth straight year". The Business Standard. 2022-08-22. Retrieved 2022-10-13.
  12. ^ "Southeast Bank inks deal with Fareast Finance". Daily Sun. Retrieved 2022-10-13.
  13. ^ "Fareast Finance posts losses in 2020". The Daily Star. 2022-08-22. Retrieved 2022-10-13.
  14. ^ "BSEC slaps fine on Fareast Finance chairman, director". The Daily Star. 2020-09-04. Retrieved 2022-10-13.
  15. ^ Habib, Ahsan (2022-05-29). "Board recast of closed, poor performing companies paying off". The Daily Star. Retrieved 2022-10-13.
  16. ^ "Fareast Finance deprives shareholders of dividends for fourth straight year". The Business Standard. 2022-08-22. Retrieved 2022-10-13.
  17. ^ Uddin, AKM Zamir (2022-02-10). "Troubled NBFIs render Tk 1,000cr bank loans sour". The Daily Star. Retrieved 2022-10-13.
  18. ^ Habib, Ahsan (2022-08-03). "Several NBFI boards to be restructured". The Daily Star. Retrieved 2022-10-13.
  19. ^ "BSEC recasts board of Fareast Finance". Dhaka Tribune. 2021-03-30. Retrieved 2022-10-13.
  20. ^ "BB unearths massive financial swindle at Fareast Finance and Investment". BizData Insight. 2021-11-12. Archived from the original on 2022-10-13. Retrieved 2022-10-13.
  21. ^ a b c d "6 NBFIs burdened with Tk6,916cr default loans". The Business Standard. 2021-12-27. Retrieved 2022-10-13.
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