The special tribunal for stock market yesterday acquitted Shattaruzzaman Shamim accused of illegal private placement share trade.
In 2010, Bangladesh Securities and Exchange Commission had filed a case against Shamim, alleging that he was 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 ran forged private placement business during the market debacle in 2010-11.
During the period, 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 the Chief Metropolitan Magistrate Court, which was later shifted to the special tribunal for stock market after its formation. This is the fourth verdict of the tribunal that deals with stock market-related cases after formation in June.
On August 31 this year, the tribunal sentenced the managing director and a director of Chic Textiles to imprisonment for four years in its third verdict in a 1996 stock market scam case.
