The special tribunal for stock market yesterday acquitted Shattaruzzaman Shamim of charges of illegal private placement share trade.
In 2010, Bangladesh Securities and Exchange Commission had filed a case against him by bringing allegation of making money by selling private placement share illegally to general investors.
“Shamim was found not guilty,” said the tribunal judge Humayun Kabir while giving the verdict.
In the case, the tribunal dropped the name of prime accused Nabiullah Nabi alias Shafiul Alam Nabi who died in a train accident in 2013.
Nabi was the chairman of Green Bangla Group which run forged private placement business during the market debacle in 2010-11.
During the period, late Nabi took money from hundreds of general investors promising that they would invest the money on pre-IPO placement and share the profit.
Pre-IPO placement, commonly known as private placement, is the share allocating process of a floating which is meant for institutional investors.
After probing the allegation, the securities regulator filed a case with Chief Metropolitan Magistrate’s Court, which was later shifted to the special tribunal for stock market after its formation.
