ICB invested Tk 10b in 'A' stocks from recent govt fund

The Investment Corporation of Bangladesh (ICB) has invested Tk 10 billion in 'A' category stocks out of Tk 30 billion received from the government under a sovereign guarantee.

The remaining Tk 20 billion has been utilised in repaying a portion of the high-cost loans previously obtained from banks, non-bank financial institutions and other corporate entities for extending support to the capital market, says a press release.

A high-level committee has been formed, comprising two directors of the board of directors of ICB, managing director and other senior officials, headed by the chairman for ensuring appropriate utilization of the fund.

Subsequent to the completion of the required audit procedures ensuring the proper utilization of the funds, the matter has been formally communicated to the board of ICB.