Khulna Printing's shares jump 428% even after factory remains closed 

Share price of Khulna Printing & Packaging Ltd (KPPL) — a concern of the Lockpur Group — witnessed an abrupt rise of 428% in the last three months although the industry has remained closed for around three years. 

On Sunday, its share price stood at Tk51.7 on the DSE although they were traded below the face value of Tk10 each in the first week of October last year.  

A DSE team has found the KPPL factory closed after paying visit to the industry remises to inspect their current operational status, according to a disclosure of the premier bourse on Sunday. 

The factory has remained closed for three years as the groups bank accounts had been kept frozen by the government, KPPL Chairman SM Amzad Hossain told The Business Standard. 

The share price kept skyrocketing after Amzad returned home in October last year from a long hiding abroad.

Amzad, also former chairman of South Bangla Agriculture and Commerce (SBAC) Bank, had fled the country in 2001 although a travel ban was imposed on him by the Anti-Corruption Commission (ACC) on charges of fund misappropriation.

When contacted to comment on the issue, Amzad admitted that the KPPL's operation has remained closed for years and that no progress has been made in this regard till now.

 "We are trying to unfreeze bank accounts which had been frozen many years ago. We've made some progress to this end; but not mentionable," he told TBS. 

In the wake of a court order, the authorities froze 933 bank accounts linked to Amzad Hossain and his companies on fund embezzlement charges against him, his wife, and daughter. Of these accounts, 740 were opened with SBAC Bank, according to media reports. 

According to the ACC probe, Amzad embezzled nearly Tk80 crore through accounts of his various companies.