Beximco share manipulation: BSEC fines 9 individuals, orgs Tk 428cr

The Bangladesh Securities and Exchange Commission (BSEC) has imposed a fine of Tk 428.52 crore on nine individuals and organisations for manipulating the shares of Bangladesh Export Import Company Limited (Beximco) on the capital market. 

This is the largest penalty ever imposed for share manipulation in the history of Bangladesh's stock market.

The decision was made during a commission meeting on Tuesday (October 1), chaired by BSEC Chairman Khandkar Rashed Maqsood.

Among those fined are – Marzana Rahman: Tk 30 crore, Trade Next International: Tk 4.01 crore, Mushfiqur Rahman: Tk 125 crore, Mumtazur Rahman: Tk 58 crore, Jupiter Business: Tk 22.5 crore, Apollo Trading: Tk 15.01 crore, ART International: Tk 70 crore, Abdur Rauf: Tk 31 crore, and Crescent Limited: Tk 73 crore.

In addition to the fines, the commission also decided to inspect the use of funds raised through Initial Public Offerings (IPOs) and Rights Public Offerings (RPOs) of nine companies. These companies include Bangladesh Shipping Corporation, Best Holding, Index Agro, JMI Hospital Requisite Manufacturing, Lub-Ref Bangladesh, Navana Pharmaceuticals, Ring Shine Textiles, Sikdar Insurance, and Silva Pharmaceuticals.