Khayer and Family Members Fined Tk 134.54cr for Share Price Rigging

The Bangladesh Securities and Exchange Commission recently made a significant decision that involves large fines and multiple individuals. Abul Khayer, also known as Hiru, and his family members have been fined a total of Tk 134.54 crore for manipulating share prices of four companies. This decision was made during a commission meeting held in Dhaka, as stated in a BSEC press release.

The individuals who were fined include Abul Khayer, his wife Kazi Sadia Hasan, father Abul Kalam Matber, mother Aleya Begum, sister Konika Afroze, brothers Sajed Madbar and Mohammad Basher, brother-in-law Kazi Fuad Hasan, and his company DIT Cooperative Ltd. They were found guilty of manipulating share prices of Fortune Shoes Limited, Delta Life Insurance Limited, NRB Commercial Bank Limited, and Sonali Paper and Board Mills Limited.

The manipulation of share prices occurred during specific time periods for each company, ranging from June 2021 to October 2021. Abul Khayer serves as a deputy registrar at the Department of Cooperatives and is the chairman of DIT Cooperative Ltd.

In addition to the fines imposed on Abul Khayer and his family members, Monarch Holdings Limited, related to Khayer, was fined Tk 5 lakh for not complying with securities laws. The company has been given a deadline to rectify this issue, with potential additional daily fines if they fail to do so.

Another individual, cricketer Shakib Al Hasan, who is the chairman of Monarch Holdings Ltd, was also mentioned in relation to this case. Overall, the BSEC has taken multiple actions against individuals and companies involved in manipulating share prices, emphasizing the importance of compliance with the law.

The commission meeting also addressed other cases of manipulation, including fines imposed on individuals related to Sonali Paper and Board Mills and Prime Finance First Mutual Fund. These fines underscore the regulatory body’s commitment to maintaining fair and transparent practices within the stock market.

In conclusion, the BSEC’s recent decisions highlight the importance of ethical conduct in the financial sector and serve as a reminder to all market participants to adhere to established regulations and guidelines.