The state-owned SBM Holdings Ltd , one of our “most innovative retail bank” has announced that it will not be paying dividends to shareholders because of the economic toll from the Covid-19 pandemic. Its share price has been tumbling since 2015-now at a low of 4.2 from is peak 7.5 -7.9 in Jan 2018- but it keeps on rewarding the non-performing Directors ,year after year .( Please note that there was a share split in 2016 that explains the hike, the share price was already falling before that.)
And the dear maestro of this regime, our Hajee Abdoula,has been drawing some Rs 130,000 for each of the meetings he has presided/attended and picked up a sizeable chunk of the payments-Rs 3.5 million since March 2020; see below le “pactole” of other directors…All these at our expense !
