Published : 17 Sep 2026, 03:38 PM
Updated : 17 Sep 2026, 03:38 PM
Beximco Group has moved to reconstitute the boards of three listed companies, with Salman F Rahman set to step down from all three.
The group has written to the Bangladesh Securities and Exchange Commission about plans to reconstitute the boards of Beximco (formally Bangladesh Export Import Company), Beximco Pharmaceuticals and Shinepukur Ceramics.
Salman, who has been in jail since his arrest following the political changeover in August 2024, is vice-chairman of all three companies.
He was private industry and investment advisor to former prime minister Sheikh Hasina.
Under company law, board appointments or removals do not require BSEC approval.
Directors must instead be elected by shareholders at a general meeting, although listed companies are required to inform the regulator afterwards and confirm that the legal process was properly followed.
The regulator is also responsible for ensuring that at least one-fifth of a listed company’s directors, or a minimum of two, are independent directors.
Multiple calls to Beximco Group Managing Director Osman Kaiser seeking comment on the preliminary letter to the market regulator went unanswered.
Asked why Beximco had informed the commission ahead of the reshuffle, BSEC spokesman Abul Kalam told bdnews24.com: “Beximco Group has sent the commission a letter about restructuring the boards of the three firms. There’s nothing for the commission to do here.
“We won’t appoint or remove directors. Everything has to happen under company law.”
He added, “They only need to inform us once appointments are made. We’ll verify whether the legal process was properly followed and issue a no-objection.”
Beximco Pharmaceuticals is listed both in Bangladesh and on the London Stock Exchange’s Alternative Investment Market (AIM) through Global Depositary Receipts (GDRs).
Following the 2024 political changeover, the finance ministry directed the BSEC to appoint nine independent directors to Beximco Pharma’s board, a decision the company challenged in court.
Board meetings to approve the company’s financial results were stalled as a result, putting Beximco Pharma at risk of delisting from the London Stock Exchange.
The BSEC later resolved the impasse by allowing the company to hold board meetings and clear its pending accounts.
Although Beximco Pharma has since published its annual financial report, the date of its annual general meeting still requires court approval.
Salman and his brother Sohail F Rahman built Beximco in the 1970s.
What began as an export-import business later expanded into textiles, pharmaceuticals, ceramics, financial services and other sectors.
Salman has long served as the group’s vice-chairman, with Sohail as chairman.
Since his arrest in August 2024, Salman has been named as an accused in multiple murder and attempted murder cases linked to the July Uprising, as well as in a crimes against humanity case before the International Crimes Tribunal.
The Anti-Corruption Commission has filed four cases against Salman and members of his family over the alleged embezzlement of around Tk 285.7 billion borrowed through Export Development Fund facilities from Janata Bank in the names of different companies linked to Beximco.
The ACC had earlier filed five other cases over the alleged embezzlement of Tk 195 billion from the same bank.
The Criminal Investigation Department has also filed 17 cases against Salman and members of his family over the alleged laundering of nearly Tk 10 billion to the United Arab Emirates and other countries using fake export bills and letters of credit.
The BSEC has permanently barred Salman from Bangladesh’s capital market over allegations of stock market manipulation, embezzlement of investors’ funds and abuse of power.
Several individuals and entities linked to Beximco have also been fined a combined Tk 4.25 billion, while their bank and beneficiary owner accounts have been frozen.
Discussions over Beximco’s management, debts, employee wages and business restructuring began after the fall of the Awami League government amid the group’s financial troubles.
The latest development follows those talks, with Salman now set to leave the boards of the group’s three listed companies.
