• Friday, Sep 18, 2020
  • Last Update : 04:38 pm

BSEC fines BBS Cables for share price manipulation

  • Published at 11:28 pm August 13th, 2020
BBS Cables logo

The commission also fined each of the company's director Tk10 lakh, excluding independent directors, for not disclosing price-sensitive information on time

Bangladesh Securities and Exchange Commission (BSEC) on Thursday fined BBS Cables and its cohorts Tk8 crore for manipulating share prices through insider trading.

The commission also fined each of the company's director Tk10 lakh, excluding independent directors, for not disclosing price-sensitive information on time.

The decision was taken at a BSEC meeting presided by its Chairman Professor Shibli Rubayat-Ul-Islam on Thursday.

Shares of BBS Cables shot to Tk156 from Tk10 between 16 sessions back in 2017, prompting the regulator to launch an investigation into price manipulation.

The probe body submitted their findings to BSEC recently.

The commission stated that following directors of BBS Cables were implicated in the penalty:  Khadija Tahera Syria; spouse of the chairman, Managing Director Engr Abu Noman Howlader, Abu Neaim Howlader; brother of the MD, Md Farhad Hossain; brother-in-law of MD, Syed Ferdous Raihan Kirmany; nominated Director, Sayedatun Nesa, spouse of the company secretary, and Md Fayjuj Zaman; senior manager of the company, who the BSEC said jointly violated the rules of the Securities and Exchange Ordinance, 1969 by the trading of shares.

Besides, Kobir Ahmed & Associates (Sharmin Ahmed Raina, Ferdaus Ara Begum and Aleya Begum), Prudential Capital Ltd; CSE TREC, Abdul Quaium & Associates, Md Nazrul Islam & Associates, Syed Anisur Rahman and Hasan Jamil of the company also violated the rules.

For these violations of laws, the commission decided to slap Tk3 crore fine on Khadija Tahera Syria, Tk1 crore on Engr Abu Noman Howlader, Tk10 lakh on Abu Neaim Howlader, Tk30 lakh on Md Farhad Hossain, and Tk5 lakh of Syed Ferdous Raihan Kirmany.

Meanwhile, the regulator also fined Kobir Ahmed & Associates Tk25 lakh, Prudential Capital Ltd Tk55 lakh, Abdul Quaium & Associates Tk1.80 crore, Md Nazrul Islam & Associates Tk25 lakh, Syed Anisur Rahman Tk25 lakh and Hasan Jamil Tk35 lakh.

The BSEC also decided to issue warning letters for Sayedatun Nesa and Md Fayjuj Zaman in this regard.

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