Bangladesh Rais Management has applied for the reopening of the frozen bank accounts of PCL’s funds. Rais Management has applied in this regard to Bangladesh Securities and Exchange Commission (BSEC), Bangladesh Bank and BIFU in the interests of investors.
According to the company, a shareholder of Race Asset Management claimed to be the bank signatory of mutual funds managed by the company for personal interest. However, Rais Company refused to give it as it would be outside the mutual fund rules. Angered by this, the shareholder complained to the BSEC. In the light of which the bank account of the company’s funds has been seized on the initiative of BSEC.
It is known that in the light of the shareholder’s complaint, BSEC formed an investigation committee. In the meantime, the shareholder of Reis filed a case in this regard and obtained a unilateral 30-day interim order from the High Court. The shareholder quickly sent it to Dhaka Stock Exchange, Chittagong Stock Exchange, Bangladesh Securities and Exchange Commission, Bangladesh Bank, BFIU. He demanded that until he is not made a signatory, all the bank accounts of Bangladesh Race Management should be closed.
In view of this, BSEC has sent instructions to various institutions including Bangladesh Bank and BFIU to suspend bank accounts for 30 days. Based on which, BFIU suspended the operation of bank accounts for 30 days.
Reiss Management then appealed the interim order to the Supreme Court. After the hearing, the court ordered the maintenance of the status quo (status quo) before the interim order on all the matters concerned and on all the parties to the case. Through this, the management and operation of all funds under the management of the Company and Rais will be conducted as before the complaint.
In this situation, Rais Management Company informed all the parties including Dhaka Stock Exchange, Chittagong Stock Exchange, Bangladesh Securities and Exchange Commission, Bangladesh Bank, BFIU, Trustee of the Fund by letter that the exception of status quo is contempt of court.
But before the verdict was announced, the BSEC directed the BFIU to freeze the bank accounts of Rais and all funds managed by him. As per instructions BFIU takes measures to freeze the bank accounts.
In this situation, in the interests of mutual fund investors, Bangladesh Rais Management appealed to BSEC, Bangladesh Bank and BIFU to lift all the suspension imposed on PCL fund activities (bank account transactions) and return to the previous status. Currently the matter is under consideration of the regulatory bodies.
MAS/KSR/ASM
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