PROBE REPORT6 top suspects under scanner

Dhaka, Apr 30 (bdnews24.com) — The government has identified six share traders as the top suspects behind the recent capital market crash. The government statement on the stocks probe report, which was released by the finance minister on Saturday, names them as the key players responsible for market manipulation. A M A Muhith read out the written statement, titled 'Press Release on Stock Market Probe Report, 2011', at a media briefing. At the end of this release, the ministry's Banks and Financial Institutions Division has made 11 crucial observations, wherein the six share traders have been named. The six suspects are Golam Mostafa, Mohammad Abdus Salam, Shamima Sharif, Syed Siraj-ud-Doula, Abu Sadat Mohamad Sayem and Abdul Momin. The government observes, "Golam Mostafa is one of those who played a key role in raising artificially the stocks prices." According to the observations, the methods Mostafa would employ included placing excessive price offers and then withdrawing them, and buying shares through a brokerage house and selling them through another account the same day. The press release is, however, silent on the identity of Golam Mostafa or what measures were to be initiated against him. The observations recommend further investigation against Mohammad Abdus Salam, while the Securities and Exchange Commission (SEC) and Bangladesh Bank have been suggested to probe about Shamima Sharif. Legal actions have also been suggested against one Syed Siraj-ud-Doula for violation of Section 17(E) of the SEC Ordinance, 1969. The observations also said Abu Sadat Mohamad Sayem and Abdul Momin had violated the ordinance by doing serial trading in Eastern Housing Limited shares. The statement says there would be further investigation into 14 issues. Those issues include tapping the sources of top 30 individuals' placements, top traders during the share price hike, revaluation of eight companies' possessions, serial trading, inter-relations, suspicious trading by key players and omnibus accounts. bdnews24.com/rb/sh/ost/nir/2345h