Bangladesh Securities and Trade Fee (BSEC) fined ASM Hasib Hasan Rs. On the identical time, seven people and one corporate were fined Tk 20 lakh for manipulating the stocks of Karnaphuli Insurance coverage.
On Wednesday (18 September), BSEC chairman Khandkar Rashed Maqsood presided over the fee assembly which made up our minds to impose this nice.
After the fee assembly, BSEC spokesperson and director Farhana Farooqui stated that ASM Hasib Hasan has violated the Securities Act because of the manipulation of the stocks of Imam Button Industries Restricted. Because of this, it was once made up our minds to nice him crores of rupees within the fee assembly.
Allegedly- Managing Director (MD) ASM Hasib Hasan performed a job in expanding the proportion value of Imam Baton at an unusual charge via manipulation with the assistance of former chairman of BSEC Professor Shibli Rubaiyat-ul-Islam.
The corporate made false disclosures about its fish industry and tannery gadgets to spice up its proportion value. When the proportion value larger abnormally, the managing director of the corporate, ASM Hasib Hasan, took the chance to promote a lot of stocks held in identify and nameless.
Chittagong-based Imam Crew is the actual proprietor of Imam Button Industries, which was once indexed at the inventory marketplace in 1996. Its proprietor Muhammad Ali has 18.11 % stocks of Imam Baton and his spouse Zebunnesa Akhtar has 4.25 % stocks. In January 2020, Muhammad Ali fled the rustic when the courtroom issued an arrest warrant in 55 circumstances filed through quite a lot of banks and fiscal establishments because of defaulting loans of greater than 800 crore rupees of Imam Crew. The manufacturing unit has been closed ever since.
In one of these scenario, ASM Hasib Hasan implemented to the inventory marketplace regulatory company BSEC in October 2022 to modify the possession of Imam Button through purchasing two % stocks in his personal identify and every other two % within the identify of Hami & Co. from the marketplace.
After the listening to of the 2 events, on February 5, 2023, BSEC dissolved the former board of administrators and appointed Professor Mohammad Sagir Hossain Khandkar, a trainer of Jagannath College, as an impartial director, and shaped a brand new board. ASM Hasib Hasan appointed as Managing Director and CEO. And the identify of Imam Button was once modified to Hami Industries Plc. Lately, the corporate is indexed within the inventory marketplace beneath this identify.
In the meantime, Town Financial institution Capital Assets Restricted has been fined Tk 10 lakh for manipulating the stocks of Karnaphuli Insurance coverage. On the identical time, Shahriar Zaman and his affiliate Asfaquzzaman had been fined 2.5 lakh taka. As well as, M. Lutful Goni Titu and his affiliate. Mahmudul Hasan, Khairul Hasan Benzu, proprietor of Benzu meals retailer, Lutful Nahar Begum and Akhikunnahar were fined one lakh taka. They all are concerned within the proportion manipulation of Karnaphuli Insurance coverage.
MAS/MAH/GKS
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