The Investment Corporation of Bangladesh (K B) yesterday came under fire from its share holders for poor service and gross irregularities Including underhand dealing in share transaction, reports UNB

At the 20th annual general meeting (AGM) of the ICB. the shareholders also complained about its centralised non-au-tomotive service system and administrative complexities which cause tremendous suffer ings for the investors.

Most shareholders made blistering attack on the ICB of ficials for their "poor service" lengthy procedures of share transaction and for selling securities to a particular quarter without ensuring much, transparency.

"Constitute a committee and Kobe how much shares had en sold to whom during last six months, said Delwar Hos sain There are allegations that shares of ICB were sold to a

certain quarter on prior agreement."

ICB Managing Director Khairul Huda, replied that transactions of the corporation on the trading floor were transparent enough to give answer.

Nothing of the ICB is tran£ acted without disclosing on thp floor, said a confident Huda, who also Informed the clients that ICB is taking a number of steps to increase service quality as well as for overall development of the corporation.

As the shareholders have been pressing for decentralising the ICB to enhance the service standard, ICB Chairman He-dayat Ahmed announced that at least one more branch would be opened by next December for dealing with the Investment Accounts.

The shareholders approved a dividend at the rate of 10 per cent for the 1995-96 fiscal year against 7.5 per cent declared in the previous fiscal year.

The ICB made a net profit of Tk 4.75 crore during the last fiscal year compared to Tk 3.77 crore in 1994-95 fiscal year which is 25.96 per cent higher than the previous year's.

The Corporation had earlier declared dividend at rates of 60 per cent 42 per cent. 28 per cent. 41 per cent. 30 per cent, 20 per cent and 18 per cent against First. Second, Third. Fourth. Fifth. Sixth and Seventh Mutual Fund respectively and Tk 17 per unit of ICB Unit Fund for the 1995-96 fiscal.

During the year, the ICB sanctioned financial assistance of Tk 38.13 crore, as against Tk 24.88 crore in 1994-95 fiscal. It disbursed an amount of Tk 4.20 crore to seven projects.

Chairman Hedayat Ahmed told the shareholders that the Corporation was considering to introduce new products like 1 venture banking, leasing, corporate’ financial management and real-estate investment.

Giving a resume of the activities of the Corporation Md Khairul Huda said the ICB had registered the highest earning and profit last year. It wotiltf float its Ninth Mutual Fund in due time, he added.