BSEC fines Genex Infosys board Tk9.27cr over Sonali Paper share manipulation
Additionally, Genex Infrastructure Ltd, a subsidiary of Genex Infosys, has been fined Tk2.55cr
The Bangladesh Securities and Exchange Commission (BSEC) has imposed Tk9.27 crore fines on the board of the listed company Genex Infosys Limited for their involvement in the share manipulation of Sonali Paper & Board Mills Ltd, another listed firm in the paper and printing sector.
According to a BSEC circular, each of the nine directors of Genex Infosys – including the independent ones – has been fined Tk1.03 crore, bringing the total penalty to Tk9.27 crore.
Additionally, Genex Infrastructure Ltd, a subsidiary of Genex Infosys Limited, has been fined Tk2.55 crore.
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The commission stated that between 1 and 30 December 2021, the directors violated the Securities Act in transactions involving Sonali Paper & Board Mills shares.
The fined directors include: TIM Nurul Kabir (chairman and independent director), Prince Mojumder (vice chairman), Shah Jalal Uddin (acting managing director and CEO), Chowdhury Fazle Imam (director), Hassan Shahid Sarwar (nominee director, Oracle Services Ltd), Mohammed Adnan Imam (director), Nilofar Imam (director), Rokeya Islam (independent director), and Zahrul Syed Bakht (director).
Company performance and share movement
Sonali Paper & Board Mills posted a profit of Tk12.48 crore in FY24 and declared a 40% cash dividend to shareholders.
On Wednesday, its shares closed at Tk275.70, up 0.77% from the previous session.
