• Tuesday, Mar 31, 2020
  • Last Update : 12:21 am

FRC seeks action against Advent Pharma irregularities

  • Published at 10:50 pm March 1st, 2020
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The pharmaceutical company also failed to comply with the rule relating to corporate governance in its report

The Financial Reporting Council (FRC) sent a letter asking the Bangladesh Securities and Exchange Commission (BSEC) to take action against the board of directors and auditor of Advent Pharmaceutical Limited over different irregularities.

The letter, signed by FRC Chairman CQK Mustaq Ahmed, said that the Advent Pharma appointed KM Hasan & Co to audit its financial statement for the financial year 2018-19.

But it got its financial statement audited by Ahmed Zaker & Co instead of KM Hasan & Co in violation of securities rules.

The pharmaceutical company also failed to comply with the rule relating to corporate governance in its report. 

The company did not provide in the report information as to where IPO fund would be used. 

The FRC sought action against the board of directors and auditor Ahmed Zaker & Co in this regard.

Sarker Abdullah Al Shafee, executive director of Advent Pharma, told Dhaka Tribune, “We have already informed the FRC our stance in this regard." 

In 2018, Advent Pharmaceuticals raised Tk20 crore from the capital market through initial public offering (IPO).