Shakib, Hiroo fined Tk 7cr for stock manipulation
Business Report :
Cricketer Shakib Al Hasan and government official Abul Khair Hiru are again facing fines by the Bangladesh Securities and Exchange Commission (BSEC) after investigating six companies participating in the stock market.
The two have been accused of irregularities and share manipulation at Al-Amin Chemical Industries Limited.
According to BSEC sources, a five-member investigation committee formed last year submitted a final report after conducting an investigation into 12 issues.
Based on investigation report, BSEC has decided to impose a fine of Tk 100 crore. The details of the fines will be announced after Eid-ul-Fitr so that there is no negative impact on the stock market.
The companies include Beximco Green-Sukuk Al Istisna, IFIC Granted Sreepur Township, Best Holdings, Al-Amin Chemical, Fortune Suze and Quest BDC Limited.
The individuals and institutions subject to fines are: Md. Abul Khair Hero was fined Tk 11.1 crore, Abul Kalam Matabar Tk 7.2 crore, Kazi Sadia Hasan Tk 25.2 crore, Kanika Afroz Tk 19.1 crore, Kazi Farid Hasan Tk 3.5 lakh, Kazi Fuad Hasan Tk 3.5 lakh, DIT Co-operative Tk 5 crore.
In addition, Mohammad Shamsul Alam was fined Tk 5.7 lakh 50 thousand, Mohammad Jahangir Alam Tk 1 lakh, Sazia Jasmine Tk 4.9 lakh, Sultana Parveen Tk 1.1 lakh, AAA Agro Enterprise Tk 7.5 lakh, Arbim Techno Tk 2.3 lakh and Md. Farid Ahmed Tk 1 lakh.
Earlier, on 20 March, BSEC fined 12 individuals and 3 institutions a total of Tk 79.92 crore for manipulating the share prices of Sonali Paper and Board Mills, Fine Foods and Fortune Suge Limited. These individuals and entities are controlled and managed by Abul Khair Hiru.
Al-Amin Chemical Industries Limited was listed on the stock exchange in 2002 and is currently making losses. The BSEC has imposed certain conditions on the company’s operations and the company has not been listed despite expressing interest in trading on the SME platform.
In 2022, Shakib Al Hasan and his two subsidiaries were allowed to acquire 48 percent of Al-Amin Chemical. The company is located in Kanaipur, Faridpur and manufactures chemical fertilizers and other products.
However, Shakib and Hiru had been in discussion for share market manipulation since former BSEC chairman Shibli Rubayet Ul Islam joined the commission.
Shakib is chairman of Monarch Holdings Ltd and its managing director is Kazi Sadia Hasan, wife of the controversial stock market manipulator Abul Khayer Hiru.
The BSEC had avoided naming Shakib in any investigation report for the sake of country’s reputation as he is a renowned international cricketer.
The BSEC fined Shakib Tk 50 lakh and Abul Khayer Hiru Tk 25 lakh.
At first, Shakib was fined for breaking securities rules by involving in a serial trading of Paramount Insurance on 24 September 2024, for manipulating the share price of Paramount Insurance between August 17 and September 19 of 2023 where the share price of Paramount Insurance rose about 84 percent, found a BSEC investigation.
