SK Trims resumes operation, with bank accounts unblocked

SK Trims & Industries resumed operation on Saturday after two weeks' suspension as its bank accounts have been unblocked following a High Court stay order.
The High Court on September 18 overruled the order passed by the Judge Court asking the Bangladesh Financial Intelligence Unit (BFIU) to freeze the bank accounts of the company over links to corruption allegations.
Following the stay order of the HC, the company will not face any trouble in banking operations. However, the stay order will stay valid until October 20, said the company in a stock exchange filing.
SK Trims announced closure of its factory on September 8, saying it was unable to continue operations with its bank accounts frozen since July this year.
All nine bank accounts meant to facilitate exports, imports, daily transactions, and dividend distributions by SK Trims had been frozen over allegations of corruption and money laundering as the owner of the company is controversial revenue official Md Matiur Rahman's family.
The Bangladesh Bank issued an order to freeze the bank accounts of SK Trims on recommendation of the Anti-Corruption Commission (ACC) as part of an investigation into illegal means of wealth accumulation by Mr Rahman.
Despite the latest news, the stock price of SK Trims fell 1.6 per cent to Tk 18.5 per share on Monday on the Dhaka Stock Exchange.
SK Trims was listed in the stock market in 2018 by raising Tk 300 million.

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