Aquaculture farms, belonging to former BNP lawmaker Mohammad Akhtaruzzaman, who later joined Jamaat-e-Islami, reportedly used money raised from the capital market for business, but did not give any profit to investors.
There is genuine concern whether investors would even get share of land from the 109 acres allotted to the company.
During Akhtaruzzaman’s first tenure as member of parliament in 1994, Tk15 crore 34 lakh was raised through Initial Public Offering from the capital market.
At present, only 25.86 per cent of the company is owned by founder directors.
As per website information, Akhtaruzzaman and his wife, Sultana Zaman, who is also a director of the company, started the company from Gochihata village of Katiadi upazila over 6.30 acres of land.
In the past, the board included Md Shahriar Zaman, Sabbir Zaman and Sarala Khatun but the investors were never informed why and when they were excluded.
Organisation’s institutional investors hold 18.12 percent, whereas general investors have 56 per cent shares.
This means, Akhtaruzzaman and his wife are owners of one in every four shares, thus enjoying total control of assets.
In addition, there is no definite information if one per cent cash profit, declared in 2022 while the company was in a state of Over the Counter, OTC, was distributed.
When contacted using the mobile and WhatsApp numbers provided on the website of Gochihata Aquaculture Farms, two different persons said that fish production and marketing are going smoothly.
Both said they work at the main office in Mirpur, Dhaka, but did not give their names.
They also did not provide the contact details of the person in charge of the farm in Kishoreganj, although expressing an interest to do so.
Akhtaruzzman is in prison and, therefore, could not give his comment.
Spokesperson for capital market regulatory body, BSEC, Abul Kalam, told TIMES, “It would not be right to say the company is totally outside monitoring; it’s in OTC market where investors can sell/buy shares.
However, buying and selling shares in OTC market is not easy; despite sale orders, buyers are scarce.
While speaking to TIMES, Former BSEC chairman, Faruq Ahmad Siddiqi, said, “if the company is not running then shareholders have the right to raise questions at the company AGM about their shares and potential plans to dispose company assets.”
If there’s no AGM, investors cannot do anything, he observed, adding “in such a case, they can go to high court.”
BSEC can exert pressure on the company for holding the AGM, he observed.
Assets worth a fortune
Dhaka Stock Exchange’s inspection report for 2022 values the 85-acre pond and 24 acres of land belonging to the company at Tk556 crore.
In the last four years, that value has risen.
The paid-up capital of the company is Tk20 crore 70 lakh with each share having a face value of Tk10.
Based on a speculative cost of the land in 2022, Earnings Per Share, EPS, is more than Tk268.
The 2025 financial records of the company places EPS without all liability at Tk218.60.
Before going to IPO, company’s paid-up capital was around Tk5 crore.
For a litany of reasons, including not publishing regular financial reports and failing to DEMAT (Dematerialisation) shares, the company was excluded from the main board of the Dhaka Stock Exchange in 2009 and transferred to Over the Counter, OTC.
But in the following 17 years, company operation was opaque, with investors ending up disheartened after buying shares.
At OTC, each share is priced within Tk 9 bracket.
Market specialists contend that investors’ money was simply embezzled.
Akhtaruzzaman, a freedom fighter, won from Kishoreganj-2 in 1991 general election as a BNP candidate, also winning in the one-sided February 15 elections of 1996.
After losing the 2001 election as a BNP candidate, he did not get further nominations.
While in BNP, he was ousted from the party five times for giving statements against the party.
After Awami League came to power following the 2009 elections, he praised deposed PM Sheikh Hasina.
During the 2024 mass uprising, he labelled the activists and protesters ‘conspirators’, asserting that Sheikh Hasina will return from India with her head held high.
The news of Akhtaruzzman joining Jamaat on 13 December 2025 triggered a political shock because, earlier, he was vitriolic while referring to the party which took a stance against Bangladesh’s independence.
A weak company from the start
This company was famed for production of fish fries and pisciculture, receiving ‘Best Farm Award’ from PM Khaleda Zia in 1995 and head of government Sheikh Hasina in 1996 respectively.
Company website also mentions winning the President’s Agri Award.
However, founder-director of Chattogram Stock Exchange and capital market analyst Mohammed Mohiuddin, said, “Gochihata Aquaculture has been a weak company since inception; but even then, it was listed; it did not hold regular AGM’s, did not distribute profit and, possibly, failed to submit listing fee.”
One director of Dhaka Stock Exchange (DSE) observed, “they sold shares but did not run the company properly or hold regular AGM’s, and, was eventually excluded from the main board.”
There were always financial shenanigans over the shares, resulting in bad IPO (Initial Public Offering), said the director.
Stating that IPO money was embezzled, he further added, “I do not know how much Akhtaruzzaman took but this company was run perfunctorily.”
Maybe he wanted to be excluded from the main board because then the company will no longer be accountable and remain beyond regular monitoring, opined the director.
As per, financial report of 2021-22, the total profit of the company till 30 June 2021 was Tk 139 crore 24 lakh 20 thousand.
This staggering profit is attributed to an interest waiver of Tk140 crore 59 lakh 14 thousand 799 from Agrani Bank.
The following year, in 2022, accounts at the end of June showed a loss of Tk2 crore 14 lakh 13 thousand with company running expense cited as the reason.
The total expenditure, including operation cost stood at Tk2 crore 51 lakh 3 thousand.
Excluding tax, pre-operation and development expense, it stood at Tk2 crore 14 lakh.
In the same manner, losses incurred for 2023 and 2024 were shown at Tk2 crore 23 lakh and Tk78 lakh 33 thousand and Tk49 lakh 11 thousand respectively.
The financial reports also show several inconsistencies.
Audited report of 2-24-25 mentions that the company did not preserve any list of fixed assets.
Biological assets or trees worth Tk 3 lakh 80 thousand were shown under ‘Historical Cost’ without carrying out a fair value as per international standard.
In the case of inventory worth Tk2 crore 91 lakh 45 thousand 696, auditors were not given the chance for physical verification while the number of items plus a list detailing cost of items were not provided.
Addresses, break-ups of parties in the case of an advance of Tk1 crore 93 lakh 77 thousand 524 were not provided.
The company did not carry out either tax assessment or deferred tax accounts for many years.
Information on depreciation of lease, loss or re-evaluated accounts was not given while the same balance was carried on every year.
As per clause 232 of Bangladesh Labour Law, 2006, Workers Profit Participation Fund was not formed.
Substantial documents in favour of declared revenue of Tk6 crore 93 lakh 6 thousand 94 were not provided while evidence in support of sold items worth Tk5 crore 81 lakh 2 thousand 288 was absent.
In addition, necessary documents in support of general and administrative cost of Tk1 crore 5 lakh 54 thousand 536 plus sales and distribution cost of Tk10 lakh 26 thousand 160 were not provided.
