9 entities fined Tk 428 crore for Beximco stock manipulation
The Bangladesh Securities and Exchange Commission (BSEC) has imposed a record fine of Tk 428.52 crore on 9 individuals and firms for manipulating the stocks of Beximco Ltd.
This is the largest penalty ever levied by the regulator.
For all latest news, follow The Daily Star's Google News channel. Previously, the highest fine for stock manipulation was Tk 10 crore in 2008.
In a commission meeting today, the BSEC decided to fine the individuals involved after they manipulated Beximco's stocks and earned Tk 477 crore.
Although some of the gains remain unrealised, the regulator imposed the fines based on their actual profits.
The fined entities include: Mosfequr Rahman Tk 100 crore, Crescent Ltd Tk 70 crore, Momtazur Rahman Tk 40 crore, Abdur Raouf Tk 30 crore, and Marjana Rahman Tk 25 crore.
Earlier for the same reason, Momtazur Rahman was also fined Tk 18 crore, Apollo Trading Tk 15 crore, Marjana Rahman Tk 5 crore, Tradenext International Ltd Tk 4 crore, Crescent Ltd Tk 3 crore and Jupitar Business Tk 2.5 crore, according to a BSEC press release.
Moreover, Abdur Raouf, Tradenext International and Apollo Trading each was also fined Tk 1 crore.
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