We note that no summons has been received by our Chairman, directors, or shareholders, from ACC as mentioned in media and we categorically deny any allegation of money laundering or illegal activity.
The transaction referenced involved the International Finance Corporation (IFC) and its investment partners, who in 2016 invested in Summit’s power and energy business by acquiring shares through a Singapore-based entity, in full compliance with Bangladesh Bank Guidelines on foreign exchange transactions. (Please see IFC disclosure in this regard on their website https://disclosures.ifc.org/project-detail/SII/37593/summit-mezzanine).
All funds were remitted into Bangladesh, certified by BRAC Bank, reported to Bangladesh Bank, and used solely for projects benefiting the country.
Summit Group has at all times acted in full compliance with the law and maintains the highest standards of governance and accountability.
