The Financial Reporting Council has inquired about the financial accounts of construction company Shanta Holdings Limited on suspicion of various irregularities in the books. FRC officials said that the accounting regulator suspected that the financial statements of Shanta Holdings Limited consisted of various anomalies. It, therefore, sought the audited financial statements of the last three financial years since 2018, they said. Although the company submitted the financial accounts for FY18 and FY19, it has not submitted the statement for FY20 yet, they added. The accounting regulatory body would check for any deviations of the accounting standard in the financial statements of the construction company. It would also check for any anomalies in tax payment to the government, they said. The company has been preparing for raising funds through initial public offerings from the capital market, the FRC officials added. Shanta Holdings senior general manager (accounts and finance) Mohammad Rafiqul Islam declined to make any comment on the issue. The FRC is an independent government regulatory body under the Financial Reporting Act (FRA) 2015 and operates under the aegis of the finance ministry. The FRC regulates accounting, reporting, auditing and actuarial professions in the country. Shanta started its journey in 1988 in the readymade garment sector and became one of the forerunners in RMG export by establishing leading industries such as Shanta Garments Ltd, Shanta Industries Ltd, Shanta Washworks Ltd, GDS Chemicals Ltd and Shanta Denims Ltd.
