International Leasing, FAS Finance shares soar after PK Halder’s arrest
ILFSL shares shot 9.1% to Tk6 while FAS Finance shares soared 9.8% to Tk5.6
Stocks of International Leasing and Financial Services Ltd, and FAS Finance Ltd hit the top circuit breaker on the Dhaka bourse on Monday, following the news that PK Halder was arrested in India.
Stockbrokers said Halder's embezzlement devastated the balance sheets of the two non-bank financial institutions (NBFIs) and his arrest made some investors arguably optimistic about some accountability of the scammer.
International Leasing shares shot up 9.1% to Tk6 each on Monday on the Dhaka Stock Exchange (DSE), while FAS Finance shares soared 9.8% to Tk5.6 with the highest trading volume in the last five months.
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Share trading of Peoples Leasing and Financial Services Ltd, the other NBFI that collapsed due to deceptive schemes of PK Halder and his allies, has been suspended by the securities regulator since late 2019 following the government's move to liquidate the firm.
However, the High Court later ordered reconstruction instead of liquidation.
PK Halder and allies five years ago also grabbed the control of another NBFI BIFC which was previously looted by its former chairman.
However, BIFC shares closed 2.9% lower at Tk6.8 on Monday.
Following the massive loan fraud and embezzlements, the NBFIs have become unable to pay their depositors back.
Analysts have been cautious about the International Leasing and FAS Finance's soaring stocks on Monday as PK Halder's arrest in India alone might not help recover all the embezzled assets.
