Fareast Finance and Investment Limited

Fareast Finance and Investment (FFIL) is a major non-bank financial institution in Bangladesh providing leasing and loans. It is listed on the Dhaka Stock Exchange.[2]

History

Fareast Finance and Investment Limited was established on 21 June 2001.[3]

MA Khaleque was elected chairman of Fareast Finance and Investment Limited in 2006.[4] Khaleque was the founder of Prime Bank Limited and director of Northern General Insurance Company Limited.[4] Md Monir Hosain was elected vice-chairman of Fareast Finance and Investment Limited.[5] It was part of a 260 million taka syndicated loan to ALLTEX Industries led by One Bank Limited; Trust Bank Limited and Prime Finance and Investment Limited were the other partners.[6]

In 2007, Bangladesh Bank asked Fareast Finance and Investment Limited to go for an initial public offering.[7]

In 2010, Fareast Finance and Investment Limited was part of a United Commercial Bank led 2.5 billion taka loan for planned hospital in Chittagong, Imperial Hospital Limited.[8] The other members of the syndicate were Bangladesh Commerce Bank Limited, Dutch-Bangla Bank, NRB Global Bank Limited, Shahjalal Islami Bank, and Standard Bank Limited.[8] It had failed to offload its shares by 2010.[9]

Santanu Saha was appointed managing director of Fareast Finance and Investment Limited on 29 June 2011.[10]

In 2018, M Shamsul Islam Varosha, chairman of Varosha Match, replaced MA Khaleque as chairman of Fareast Finance and Investment Limited.[11] Southeast Bank Limited signed an agreement to cooperate with Fareast.[12]

Fareast Finance and Investment Limited report a loss for the 2020 fiscal year and the board voted against dividends for shareholders.[13] Bangladesh Securities and Exchange Commission fined MA Khaleque, chairman of Fareast, and Rubaiyat Khaled, director of Fareast, for selling their shares without authorization.[14] Since 2016, Fareast has not announced dividends for shareholders.[15][16] Anti-Corruption Commission ordered former chairman MA Khaleque to not leave the country.[11]

In 2022, Muhammad Ali Zaryab, managing director of Fareast Finance and Investment Limited, said Bangladesh Bank rescheduled it's defaulted loans from 20 banks except Dutch Bangla Bank Limited.[17] The company shares had moved to the Z category in the Dhaka Stock Exchange and Bangladesh Securities and Exchange Commission reorganized the board of directors in March 2021 after finding irregularities with the management.[18][19][20] It had lent 500 million taka to Proshanta Kumar Halder, a notorious swindler.[21] Bangladesh Bank found former officials MA Khaleque, Shantanu Saha, Mohammad Hafizur Rahman, and Md Rafiqul Islam.[21] 49.8 percent of the loans of Fareast had defaulted.[21]

Subsidiary

• Fareast Stocks and Bonds[21]