The state-owned banks have invested a total of Tk 18 billion in Best Holdings. Another firm owned by Nafeez, RACE Portfolio and Issue Management, was one of the issue managers of Best Holdings in its direct listing fiasco. Government firm ICB Capital Management, the other company named as the issue manager of Best Holdings, says it knows nothing about the direct listing attempts of Best Holdings. Padma Bank Chairman Chowdhury Nafeez Sarafat is also the chairman of the board of trustees of Canadian University of Bangladesh. Several people related to the market described Best Holdings’ bid for direct listing as an “unprecedented big fraud”.

Source: bd News24 December 22, 2020 17:15 UTC