The securities regulator has asked LR Global Bangladesh Asset Management Company to withdraw "illegitimate" investments worth Tk 490 million from online media platform bdnews24.com, made by diverting cash from six mutual funds. The asset manager has 30 days to comply with the order issued by the Bangladesh Securities and Exchange Commission (BSEC) on Wednesday. According to information provided by the BSEC, LR Global injected Tk 490 million in bdnews24.com through purchase of 39,200 shares at Tk 12,500 each, with a premium of Tk 12,400. "LR Global made the investment in illiquid shares of a weak company at an abnormal price with a bad intention," said BSEC spokesperson Md. The pooled funds are DBH First MF, Green Delta MF, AIBL 1st Islamic MF, LR Global Bangladesh AMC BD MF One, NCCBL MF-1, and MBL 1st MF.
