The Dhaka Stock Exchange board’s shortlist of two candidates for the vacant post of managing director has elicited allegations of gaming the system by a number of directors.
Dhaka Tribune has learnt with people familiar with the matter that M Asheq Rahman, chief country compliance officer (CCCO) and chief anti-money laundering officer (CAMLO) of Citibank, has emerged as the prime candidate to succeed Kazi Sanaul Hoq, who stepped down in October citing personal reasons.
The other candidate selected by the nomination and remuneration committee (NRC) of the Dhaka bourse after examining 24 applications is Mohammad Anamul Haque Sarker, an executive director of the London Stock Exchange.
Five others were in the running too: Md. Abdur Rahim, Moslehuddin Ahmed, Md. Mehmood Husain, ASM Khairuzzaman and Mohammad Tofazzel Hossain.
Xie Wenhai, director of DSE representing the Chinese consortium that bought a 25 per cents stake in the Dhaka bourse, said that the two candidates are not fit for the post for lack of relevant experience, according to meeting minutes of the 983rd meeting of the board on December 17.
The two candidates are more suitable for the post of chief regulatory officer. The MD and CRO can be internally promoted.
Xie's opinion was disregarded.
Then on Sunday, as per the instruction of the board, Sarker and Rahman were called for interview, with the latter emerging as the favourite, particularly of Md. Rakibur Rahman, an influential director of the DSE, according to sources.
There was heated debate in the meeting about the Rahman’s selection, with a number of independent directors vetoing his candidature.
Between Sarker and Rahman, the former has relevant experience.
“But the director was vehemently pushing for hiring a bank’s compliance officer,” said one of the meeting participants.
In the end, Rahman has prevailed. His CV would now be forwarded to the Bangladesh Securities and Exchange Commission for approval after the board meeting of the DSE today.
The commission would give the final approval after assessing Rahman’s previous experience, DSE officials said.
Md. Masudur Rahman, the chairman of NRC and an independent director of the DSE, declined to speak further on the issue.
“I have voiced my opinion at the meeting in my capacity as a director,” Rakibur Rahman told Dhaka Tribune after the meeting.
He denied pushing for Asheq Rahman’s candidature and said he has no relations with him.
