HC asks 3 to surrender over 1996 stock scam

The High Court on Monday ordered three directors of a company to appear before it regarding a case filed over the 1996 share market scam. The HC bench of Justice Md Rezaul Haque and Justice Muhammad Khurshid Alam passed the order after the hearing on an appeal filed by the Bangladesh Securities and Exchange Commission (BSEC) against their acquittal. The accused are former chairman of Chittagong Cement Clinker Grinding Company Limited Abu Tayeb, and former directors AS Shahidul Haque Bulbul and Rakibur Rahman. According to the BSEC, the securities regulator filed a case against these individuals after the 1996 stock market debacle, over their alleged involvement in manipulating share prices. A speedy tribunal, formed last year to dispose of the cases related to the share market, acquitted the three on May 31, 2017. In the wake of the decision, the BSEC filed an appeal against the verdict. Deputy Attorney General Md Khurshidul Alam said: “Abu Tayeb, S Shahidul Haque Bulbul, and Rakibur Rahman were asked to surrender before the court.” “The court also asked to know why the verdict of May 31, 2017 had acquitted the accused, and requested to see the case dockets,” he added.