The securities regulator took the decision at a commission meeting held in the capital on the day, where BSEC Chairman Prof Shibli Rubayat Ul Islam presided over the meeting, according to an official statement from the BSEC. However, its statutory auditor Atik Khaled Chowdhury, chartered accountant, failed to mention those violations in the audited financial statement of the company. The BSEC also found that the Fareast Finance and Investment Limited chairman MA Khaleque and director Rubaiyat Khaled sold 3.28 million shares and 26,777 shares respectively without prior declaration and evaded tax on those sales. Thus, the watchdog fined Khaleque by Tk10 lakh and Rubaiyat Khaled Tk5 lakh for the violation. The regulator at the meeting also fined Modern Securities Tk5 lakh, Sylnet Securities Tk2 lakh and MAH Securities Tk1 lakh for breaching various securities rules.

Source: Dhaka Tribune September 03, 2020 15:45 UTC