1996 share scam: Warrants issued for two ex-directors of Premium Securities

A special tribunal has issued arrest warrants for two former directors of Premium Securities in a case filed on charges of manipulating the share market 20 years ago.

Staff Correspondentbdnews24.com
Published : 25 July 2017, 01:15 PM
Updated : 25 July 2017, 01:15 PM

Judge Akbar Ali of the tribunal, set up to dispose of 1996 stock market-related cases, issued the warrants on Tuesday, said Bangladesh Securities and Exchange Commission (BSEC) lawyer Masud Rana Khan.
The two wanted businesspeople are the brokerage house’s former director Anu Jaigirdar and former managing director Moshiur Rahman.
In January, the High Court had quashed two cases against Beximco Group Chairman Sohel F Rahman and Vice Chairman Salman F Rahman over the sensational stock market fraud that took place in 1996.
The special tribunal in April also acquitted Rangs Group boss MA Rouf Chowdhury and HRC Group Chairman Sayeed Hossain Chowdhury of the charges.
The trial of Anu Jaigirdar and Moshiur Rahman was halted until May 2 following a High Court order.
The duo was supposed to appear before the tribunal on Monday for the recommencing of their trial. As they were absent, the plaintiff pleaded for the issuance of warrants for them.
The court issued the arrest warrants on Tuesday after hearing their plea.
According to the case dossiers, the accused people exchanged shares of Mita Textile, Prime Textile, Bata Shoes and Beximco Pharma from July to November in 1996 in a fraudulent scheme using Premium Securities.
The BSEC committee that investigated the allegations said in its report, submitted on Mar 27, 1997, that the activities of the accused caused losses to general investors.
It said the defendants violated subsection E (2) of section 17 of the Securities and Exchange Ordinance of 1969.
It recommended punishing the suspects under section 24 of the ordinance.

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