Star business report
It was based on audited financial statements, physical verification by SEC officials, and thorough analysis of evidential documents carried out in 1996-97. All these approvals, financial statements, physical verifications, and evidences should be in the relevant SEC file(s).There was no question or scope of any "malpractice"; as the IPO was approved on the basis of approved procedures in a transparent manner.
No IPO Department of any SEC can predict beforehand post-IPO acts/failures, if any, of any listed company at the time of IPO. It seems to me that your/CAG report relating to matters that happened eight years ago might be based on misconception and "half" information. I would request you to publish these facts.
For all latest news, follow The Daily Star's Google News channel. Our report was based on an audit of the Comptroller and Auditor General (CAG) which held responsible the four officials mentioned in the news item published in DS business page on April 2 for overvaluing assets of Mark Bangladesh Shilpa and Engineering Ltd during initial public offering in 1996. The asset overvaluation surfaced after an investigation by Bangladesh University of Engineering and Technology found that the real asset of the company was 978.44 percent lower than the value stated in inspection report by the four officials of the Securities and Exchange Commission. We have nothing to do with the CAG report.
-- Editor