Beximco Group faces embezzlement charges and board restructuring

The Anti-Corruption Commission (ACC) has approved a case against former Beximco Group chairman Salman F Rahman, his son Sayan Fazlur Rahman, and 23 others for an alleged Tk 604.69 crore embezzlement. The investigation alleges that the group used a fictitious, paper-based company named Skymark International Ltd to obtain loans through fraud and abuse of power, violating Bangladesh Bank and IFIC Bank policies.

According to the ACC, the embezzled funds were subsequently transferred and converted through various transactions, potentially constituting money laundering. The total financial loss, including interest and charges, is estimated at Tk 604.69 crore. Other accused individuals include IFIC Bank Vice Chairman Ahmed Sayan Fazlur Rahman and several bank officials.

In a separate regulatory development, the Bangladesh Securities and Exchange Commission (BSEC) has approved a new nine-member board structure for Beximco Pharmaceuticals PLC. This new board excludes Salman F Rahman and aims to resolve a long-standing dispute regarding the company’s composition. The reconstituted board will include sponsor directors, a managing director, a representative from IFIC Bank, and four independent directors to ensure compliance with corporate governance codes and protect investor interests.