Beximco share manipulation: BSEC fines 9 investors Tk428 cr

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Dhaka, Oct 1 - Bangladesh Securities and Exchange Commission (BSEC) has fined 9 investors Tk 428.52 crore for manipulating the shares of Bangladesh Export Import Company Limited (Beximco) listed in the stock market.

The BSEC decided to impose this fine in the commission meeting held on Tuesday chaired by BSEC Chairman Khondoker Rashed Maqsood.

Such a large amount of money has never been fined in the history of the country's stock market for manipulating the shares of a company, stock market stakeholders said.

Among them, Marzana Rahman was fined Tk30 crore, Trade Next International Tk4.1 crore, Mushfiqur Rahman Tk125 crore, Mumtazur Rahman Tk58 crore, Jupiter Business Tk22.50 crore, Apollo Trading Tk15.1 crore, ART International Tk70 crore, Abdur Rauf Tk31 crore and Crescent Limited was fined Tk 73 crore.

Meanwhile, the commission meeting decided to inspect the use of IPO/RPO’s funds of 9 companies.

The nine companies include- Bangladesh Shipping Corporation, Best holding, Index Agro, JMI Hospital Requisite Manufacturing, Lub-rref (Bangladesh) Limited, Navana Pharmaceuticals, Ring Shine Textiles, Sikder Insurance and Silva Pharmaceuticals. - UNB