BSEC seeks action against Abul Khayer, ICB staff over stock manipulation
BSEC said Khayer had previously been fined for manipulating shares of other listed companies
The Bangladesh Securities and Exchange Commission (BSEC) has called for action against a senior government official and employees of the Investment Corporation of Bangladesh (ICB) after they were found involved in manipulating shares of Fortune Shoes Limited.
The official Md Abul Khayer, a deputy registrar of the Department of Cooperatives and a well-known stock investor, was found to be involved in the stock manipulation during a BSEC investigation.
The securities regulator has decided to send its investigation report to the Financial Institutions Division of the Ministry of Finance for action against him, according to a BSEC press release issued today (10 September).
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BSEC said Khayer had previously been fined for manipulating shares of other listed companies.
The regulator's investigation also revealed that certain ICB employees were engaged in the same share transactions of Fortune Shoes. Their case will be referred to both the Anti-Corruption Commission (ACC) and the Financial Institutions Division for further measures.
These decisions were taken during BSEC's 972nd commission meeting held today.
According to the press release signed by BSEC Director and spokesperson Abul Kalam, Khayer being a government employee, will face appropriate action based on the investigation report.
The press release also stated that in the New Line Clothings share manipulation case, four individuals and one company were fined a total of Tk13.33 crore.
Specifically, Md Riaz Mahmud Sarkar was fined Tk1.14 crore, Abul Bashar Tk4.02 crore, Sarkar Printing and Publishing Tk4.28 crore, Md Selim Tk1.69 crore, and Jamil Tk2.20 crore.
Additionally, in the Pioneer Insurance Company share manipulation case, NRB Bank's former CFO Mohammad Kamrul Hasan was fined Tk75 lakh and banned for five years from holding positions, employment, or participating in stock market transactions. At the same time, Sheikh Farook Ahmad was fined Tk30.32 crore.
