The mutual fund’s fund was fined Tk 5 crore for investing in shares of LR Global Asset Management firm, a non-list firm. Additionally, the firm was fined Tk 1 crore.

The fine was imposed yesterday, July 7, by the Bangladesh Securities and Exchange Commission (BSEC).

Sources from BSEC reported this information.

LR Global officials included Riaz Islam, the company’s chief executive officer and chief investment officer, who was fined Tk 1 crore, George Stock, a director and member of the Investment Apply Committee, who was fined Tk 5 crore, and Ronald Mickei, the company’s chief finance officer, and Hossain, the head of legal.

The notification states that if the money is not returned within the allotted period, Riaz Islam, the company’s chief executive officer and chief investment officer, will pay Tk 5 crore to the director and member of the Investment Approximal Committee, George Stock, CPA, Tk.

Additionally, investors have harmed the funds as a result of their investment. In order to safeguard the interests of fund investors, it was determined to look into the function and duty of the Trustee Bangladesh General Insurance Company Limited.