Staff Reporter :
The Bangladesh Securities and Exchange Commission (BSEC) finally decided to investigate if any wrongdoings occurred in the capital market by Salman F Rahman and S Alam’s family members and institutions.
The capital market regulator formed a four-member committee to investigate the issues broadly on Monday.
The probe committee asked to submit the reports within 60 days, according to a BSEC notice. Previously, with the recommendation of the ACC, the BSEC has frozen the beneficiary owners’ (BO) accounts of Salman F Rahman and S Alam.
Salman F Rahman is the owner of Beximco Group and was the private and investment advisor of former Prime Minister Sheikh Hasina, who was ousted on 5 August amid mass protest. With the accused of murder cases, Salman is now in police custody.
Saiful Alam is the owner of S Alam Group. He took control of some banks buying shares from the public market.
Allegations were using power; he took several crores of taka loans from the banks.
September 5, the newly-appointed Islami Bank Bangladesh chair disclosed that the S Alam Group had withdrawn more than Tk 90,000 crore in loans violating all rules.
The amount is more than a half of the shariah-based bank’s total loan portfolio.
Salman F Rahman, one of Sheikh Hasina’s trusted advisers with a ministerial rank, familiar as “the father of default culture” in Bangladesh.
After the ousting of the Hasina-led government, the Anti-Corruption Commission (ACC) has been investigating acquiring illegal wealth of Salman F Rahman and S Alam.