Shortfall found in dividend account of Prime Finance First Mutual Fund
The auditor of Prime Finance First Mutual Fund – managed by ICB Asset Management Company Limited – has found a shortfall of Tk15.32 lakh in the fund's dividend distribution bank account.
It comes at a time when the mutual fund industry's image is already suffering a blow because of recent fund embezzlement incidents.
As per regulatory requirement, the full amount of cash dividend of mutual funds must be kept in a separate bank account before disbursement.
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But in the financial statements of Prime Finance First Mutual Fund for 2022, the auditor found that the amount of cash dividend kept in the dividend disbursement account is Tk15.32 lakh short.
In January, the market regulator formed three separate committees to inspect the assets of fund managers – Race Asset Management, LR Global Bangladesh, and ICB Asset Management.
ICB Asset Management's Chief Executive Officer Mahmuda Akhter said sometimes the separate bank account of the mutual fund may fall short but its main bank account has money available.
"If we have a shortfall in the dedicated dividend account, then it will be covered very soon," she added.
The trustee committee of the fund has approved an 11% cash dividend for the 2022.
The fund reported that its earnings per unit was Tk0.08, which was Tk4.35 in the previous year.
Its net asset value per unit was Tk19.73 on a cost-price basis, and Tk14.26 on a market price basis.
