Former SABINCO managing director acquitted of stock market manipulation charges

Kutub Uddin, a former top official of Saudi Bangladesh Industrial and Agricultural Investment Company Limited (SABINCO), has been acquitted of charges relating to share fraud.

A special tribunal for stock market-related cases has delivered the verdict in the case, which was filed in 2000.

“The court heard the testimonies of five persons, including the plaintiff, BSEC Director Mahbubey Rahman. But it acquitted Kutub Uddin as the charges against him were not proven,” said the stock market regulator’s lawyer Masud Khan Rana.

The former SABINCO managing director had been accused of trading shares through brokerage firms in an effort to manipulate prices. The charges against him included buying and selling the same shares from and to different brokerage houses on the same day.

He was also accused of illegally using SABINCO funds to trade in shares.

This is the fifth case resolved by the special tribunal since it was formed in July this year.