Regulator fines Hami Industries MD Tk1crore
Hasib Hasan told TBS that he is yet to receive any letter regarding the fine
The Bangladesh Securities and Exchange Commission (BSEC) has slapped a Tk1 crore fine on ASM Hasib Hasan, managing director of Hami Industries, formerly known as Imam Button Industries, on a charge of share price manipulation that violated securities laws.
In a meeting held at its office today, the commission decided to impose the fine.
After a board recasting, the previous commission led by its chairman Shibli Rubayat Ul Islam made Hasib as managing director of the company. It appointed some independent directors to the board of Imam Button Industries.
Keep updated, follow The Business Standard's Google news channel
Originally, Imam Button was a subsidiary of Chattogram-based Imam Group, and it has been non-functional since fiscal year 2018-19.
Later, the commission reconstituted its board in February 2023 appointing Professor Mohammad Sogir Hossain Khandoker, Md Mahamud Hosain, and Mohammed Masum Iqbal as independent directors.
Later, in August 2023, Imam Button, a producer of buttons for ready garment industries, resumed its operation as it expanded its footprint in agro-projects.
In December, it entered into a tannery business on its factory premises in Chattogram.
In March this year, Imam Button changed its name to Hami Industries PLC.
According to the Dhaka Stock Exchange (DSE), Hami Industries shares price reached its peak in November last year within two years. On 22 November 2023, its share price rose to Tk213.8 each.
And then, on 28 November, the BSEC instructed the DSE to investigate the abnormal increase in its share price.
At that time, the commission, in a press release, highlighted that its surveillance department observed a remarkable 85% surge in Imam Button's share price, reaching Tk194.10 apiece between 7 September and 26 October of 2023.
Deeming this price movement as abnormal, the BSEC called for scrutiny of the trading activities of the company to find out if any manipulation had taken place.
Contacted by TBS, Hami Industries MD Hasib said, "I did not receive any letter in this regard."
He added, "To my knowledge, I have not manipulated shares. When I bought the shares, I informed the commission immediately. If I get a letter, I may know the details."
