RAK Ceramic urged to revise financial statements
FE Report | Tuesday, 17 March 2015
Rahman Rahman Huq, Chartered Accountant firm of RAK Ceramic, has requested the company to withdraw and revise its financial statements for the year ended on December 31, 2014, by addressing the financial impact regarding writing off portion of the loan given to RAK Pharmaceuticals and unrealised interest, officials said.
Dhaka Stock Exchange (DSE) Monday made the disclosure public on its official website.
In its request, Rahman Rahman Huq also stated that there are no grounds to restate the consolidated financial statements of the company for the year ended on December 31, 2014.
The request came from the chartered accountant firm of RAK Ceramic came following its board's decision regarding the loan disbursed to subsidiary company RAK Pharmaceuticals.
According to previous disclosure posted on DSE website on February 26, 2015, RAK Ceramic's board approved the offer of RAK Pharmaceuticals to settle the long outstanding loan given by its parent Company subject to the approval of the shareholders,
The RAK Ceramic also informed the DSE that, subject to the approval of the shareholders, the company's board also decided to write off the balance irrecoverable loan worth above 253.98 million and unrealised interest worth above Tk 334.66 million totaling to over Tk 588.64 million as Investment Loss and Interest Loss.
Wang declined to comment on CICC's plan to appoint a new chief executive officer or sell shares in Hong Kong this year.
The bank's former CEO Levin Zhu resigned in October.
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