Bangladesh Finance PLC (BD Finance), a listed company in the financial sector of the capital market, has been fined BDT 70.56 crore for share manipulation and violating transaction laws. The Bangladesh Securities and Exchange Commission (BSEC) imposed this fine.
The decision was made at the 935th commission meeting of the BSEC held on Tuesday (December 10).
This information was sourced from BSEC.
It has been reported that the fines were imposed based on evidence of manipulation and illegal transactions related to BD Finance shares during the period from August 3, 2020, to April 20, 2021.
The individuals fined are Samir Sekandar, Abu Sadat Mohammad Sayem, Anika Farhin, Mahir Sekandar, Afra Chowdhury, and Abdul Mobin Mollah.
On the other hand, two institutions fined for violating transaction laws are City General Insurance and Anwar Galvanizing Limited.
Among the individuals, the highest fine of BDT 32.25 crore was imposed on Samir Sekandar. He was fined BDT 23.25 crore for one offense and BDT 9 crore for another.
The second highest fine of BDT 21.90 crore was imposed on investor Abu Sadat Mohammad Sayem. He was fined BDT 17 crore for one offense and BDT 4.90 crore for another.
Anika Farhin was fined BDT 7.50 crore, Afra Chowdhury BDT 35 lakh, and Abdul Mobin Mollah BDT 10 lakh.
For violating the law by purchasing shares without disclosure, Anwar Galvanizing Limited was fined BDT 7.10 crore, and City General Insurance was fined BDT 85 lakh.
mw/dhk/hk
