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High Court sends 8 to lower court over 1996 stock scam

  • Published at 06:03 pm April 3rd, 2018
  • Last updated at 12:34 am April 4th, 2018
High Court sends 8 to lower court over 1996 stock scam
The High Court on Tuesday ordered eight directors of two companies to surrender to the lower court in connection with two cases filed over the 1996 stock market scam. The High Court bench of Justice Md Rais Uddin passed the order after hearing an appeal filed by the Bangladesh Securities and Exchange Commission (BSEC) against their acquittal. Of the accused, Hemayet Uddin Ahmed, Moshtaque Ahmed Sadeq, Syed Mahbub Murshed, Sharif Ataur Rahman, and Ahmed Iqbal Hasan are directors of HMMS Financial Consultancy and Securities; while MG Azam Chowdhury, Shahidullah, and Prof Mahbub Ahmed are directors of Securities Consultants Ltd. They were sued for the unauthorized transaction of shares through their companies. Deputy Attorney General Shahfiul Bashar Bhandary said the High Court asked the eight accused to surrender to the designated court within a month of receiving the order, and ordered the court to consider their bail. BSEC filed the appeal with the High Court on March 25 after a speedy tribunal acquitted the eight people. The tribunal was formed on February 1 to dispose of cases filed over stock market scams.