FAS Finance & Investment has reported a massive loss of Tk 3.19 billion for 2024, worsening from Tk 2.03 billion the previous year, signalling no relief for its investors. The non-bank financial institution (NBFI) has been reporting losses since 2018, driven by a severe liquidity crisis, massive bad loans, negative cash flows, and depositor distrust due to its history of malpractice.
By the end of 2024, its net asset value (NAV) plunged further into negative territory, reaching Tk 18.70 billion. Almost all its loans had been granted without proper process, and recovery remains bleak as the people behind these fraudulent practices, including notorious fraudster PK Halder, are either absconding or in jail. Despite the dismal financial state and 99.9% of its loan portfolio being defaulted, the company’s stock price paradoxically rose by 3.57% to Tk 2.80 per share on Monday at the Dhaka Stock Exchange.
