Coppertech listing time with DSE expires

The bourse seeks more time to make decision

Staff Correspondent | Published: 00:00, Jun 24,2019

 
 

The scheduled time for listing of little-known Coppertech Industries Ltd with the Dhaka Stock Exchange expired on Sunday amid controversy over fabrication of the company’s financial statements, said DSE officials.
The DSE on Thursday requested the Bangladesh Securities and Exchange Commission to extend the time for making a decision on listing Coppertech until the investigation of Institute of Chartered Accountant Bangladesh into its financial anomalies ends.
The bourse also requested the commission to provide necessary directive regarding listing of Coppertech, a senior DSE official said.
The time for listing Coppertech ended on Sunday as per the securities rules that stipulate that the stock exchange must give listing approval within 75 days from closure of IPO subscription of a company, he said.
The subscription of Coppertech shares closed on April 9.
The DSE official also said that the DSE made the move to wait for the ICAB report to uphold the interest of the general investors.
The listing of Coppertech has remained pending with DSE amid allegations that the company’s financial data was fabricated to give rosy picture of the company in the initial public offering documents.
The DSE on May 27 sought BSEC’s opinions on listing of Coppertech Industries with the bourse as the company is facing allegations of financial data fabrication.
DSE officials said that the bourse could not make any decision as the commission didn’t give any directive regarding listing of the company.
The DSE has been facing huge pressure from the government’s high ups to approve listing of the company. But, the bourse management resisted the pressure and declined to vow to the unethical people, DSE officials said.
Some powerful people hold significant number of shares in the company, they said.
The officials said that the ICAB had recently directed Coppertech’s auditor Ahmad and Akhtar to stay away from auditing of any listed company.
The ICAB on May 30 decided to send its investigation and disciplinary committee the auditor’s report on Coppertech Industries for probing allegations of financial data fabrication against the company.
The committee is yet to finish the investigation. Therefore, the bourse couldn’t make any decision on Coppertech listing matter, DSE officials said.
The Financial Reporting Council on May 14 asked the ICAB to review financial statements of Coppertech after media reports highlighted the alleged data fabrication.
But, the auditor was not cooperating when the ICAB asked for some documents on Coppertech.
The board of Chittagong Stock Exchange on May 23 approved listing of the company with the bourse amid pressure from a powerful quarter, CSE officials said.
The approval drew huge criticisms as the bourse approved the listing before the investigation into the company ends.
CSE officials, however, said that the bourse would not let the company’s shares be traded on the stock exchange if the ICAB finds anomalies.

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