BSEC finds involvement of 9 companies in share price manipulation
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BSEC finds involvement of 9 companies in share price manipulation

BSEC finds involvement of 9 companies in share price manipulation


The probe committee, formed by the Bangladesh Security and Exchange Commission, has primarily found the involvement of nine companies in the recent share market price manipulation.

“Further investigation is underway. The matter is thoroughly being scrutinized, and the people concerned will be called to be present before the investigation committee, if necessary,” said BSEC spokesperson Mohammad Rezaul Karim on Saturday.

Also read: Insider trading: BSEC probes Dominage Steel for 'unusual' stock movement

According to the BSEC, the companies are: Fu-Wang Ceramics Industry Ltd, Beacon Pharmaceuticals Limited and Anwar Galvanizing Limited in the engineering sector; Paper Processing & Packaging Ltd, National Feed Mill Ltd, Dhaka Dying, GBB Power Limited in the energy sector, and Emerald Oil Industries Ltd and Bangladesh National Insurance.

BSEC finds involvement of 9 companies in share price manipulation

The BSEC formed the four-member inquiry committee, headed by its director Sheikh Mahbubur Rahman on August 30 to look into the recent abnormal hike in the share prices of some particular companies.

Also read: BSEC to help boost startup, venture capital ecosystem: Chairman

The other members of the committee are assistant director of BSEC Ziaur Rahman, Deputy General Manager of Dhaka Stock Exchange Shafiqul Islam Bhuiyan and chief of Central Deposetory Bangladesh Ltd (CDBL) Moinul Hoque.

The committee was asked to submit its report within 60 days.

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