ACC to probe allegations of graft against BSEC Chairman Khairul Hossain

The Anti-Corruption Commission or ACC has assigned an investigation officer to look into the substance of graft allegations levelled at Bangladesh Securities and Exchange Commission Chairman M Khairul Hossain.

But the graftbusters would not be drawn into disclosing the allegations against the chief of the stock market regulatory body.

Asked about the initiation of a probe, ACC Chairman Iqbal Mahmud said, "I don't oversee these matters, others do. I don't know anything about it."

Khairul could not be reached for comment as he did not take phone calls from bdnews24.com.

ACC Assistant Director Mamunur Rashid was entrusted with investigating the issue through a letter dated Aug 7.

The 'strictly confidential' letter mentioned, "complaint against Dr M Khairul Hossain, Chairman Bangladesh Securities and Exchange Commission for selling off initial public offer-IPO, embezzlement and money laundering" as it's subject. 

“We have decided to assign you, Mamunur Rashid, as the investigation officer to confidentially collect information and submit a report on the complaints mentioned in the document," the letter said.

"You are requested to submit the report within the deadline following a confidential probe."

Mamunur refused to comment on the issue.

ACC spokesman Pranab Kumar Bhattacharya also did not comment on the issue.

Since the turn of the year, the inclusion of new companies in the capital market amid a downturn has been the subject of conjecture, with some alleging that weak companies are being listed.

In light of the complaints, the BSEC ordered against taking new IPO applications on Apr 30.

BSEC spokesperson Saifur Rahman said he is 'unaware' of the allegations and declined to comment on the issue.

Khairul who has been helming BSEC for eight years was appointed as chairman on May 15, 2011.

The capital market was volatile at the time of his appointment.

His term was subsequently extended for four years in 2014 and for a further 2 years in 2018.