NBR tells banks to provide details of KPPL, owner SM Amzad Hossain

NBR tells banks to provide details of KPPL, owner SM Amzad Hossain

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NBR’s Central Intelligence Cell sought information like, savings, term-deposit, loans and transactions in foreign currencies from July, 2008 to present.

These kinds of details are usually sought upon allegations of tax evasion, but the NBR is yet to say whether any such complains were leveled against KPPL.

Amzad Hossain is the chairman of the South Bangla Agriculture and Commerce Bank— one of the nine banks recently approved by government. His wife is a director of the bank.

KPPL raised Tk 400 million last year by floating 40 million shares in the market.

Media report indicated the company’s effort to project inflated revenues and sales to attract strong public response for its IPO.

Then, between July 2011 and June 2012, the company’s sales shot up to Tk 2.08 billion before dipping somewhat in July 2012- June 2013 to Tk 1.91 billion.

The High Court had stayed KPPL’s IPO proceedings following a petition, but it was later overturned by the Appellate Division.

Shares of the company, with a paid up capital of Tk 730 million, were traded at the Dhaka Stock Exchange between Tk 19 and 19.70 on Wednesday.

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