B Mirror Report: The Bangladesh Securities and Exchange Commission (BSEC) has upheld fines amounting to Tk 31.38 crore against individuals and entities involved in the share manipulation of Sonali Paper and Board Mills Limited, rejecting their review appeals.

Sources said the accused sought a review, claiming innocence and requesting a waiver of the fines. However, the regulator found the penalties were imposed in line with due process and backed by evidence, leading to the dismissal of the petitions.

The investigation found that between September 30 and October 28, 2021, Abul Khayer Hiru and his associates carried out a planned manipulation of the company’s shares. Through coordinated and serial trading, they artificially inflated prices, made illicit profits, and created a misleading market situation.

The probe also identified the involvement of Hiru, a deputy registrar of the Department of Cooperatives, along with his relatives and business associates. Cricketer Shakib Al Hasan was also linked to the case through associated entities and network connections.

Under Sections 17(e)(2), 17(e)(5), and 22 of the Securities and Exchange Ordinance, 1969, the BSEC fined 10 individuals and four entities. Among them, Abul Khayer Hiru, Abul Kalam Matbar, and Kazi Sadia Hasan were each fined Tk 2.76 crore, while Shakib Al Hasan and others received penalties of varying amounts.

The regulator said such manipulation using close networks poses a serious threat to the market and that the decision would help ensure discipline.

Market analysts said the move would boost investor confidence and act as a deterrent against future irregularities.