B Mirror Report: Associated Oxygen Limited, accused of placement fraud, was listed on the stock market in 2020. To bring the company to the market, a group led by Kazi Saifur Rahman of NRB Equity Management and Matiur Rahman allegedly committed serious fraud, including forging signatures in the prospectus. They were reportedly assisted by another well-known stock market figure, Monowar Hossain, who is also the chairman of Anwar Galvanizing Limited.
Although BD Finance Capital Holdings Limited was named as the issue manager in the company’s Initial Public Offering (IPO), all related work was allegedly carried out by NRB Equity Management. It is further alleged that they forged the signature of Barun Prasad Pal, who was the Acting Managing Director and CEO of BD Finance Capital at the time, and submitted the file. According to those concerned, this is considered a major fraud in the stock market.
On January 11, a report titled “Issue Manager BD Capital, but All Work Done by NRB Equity” was published in Artho Banijjo. Based on that report, the regulatory body, the Bangladesh Securities and Exchange Commission (BSEC), has launched an investigation. The matter was confirmed to Artho Banijjo by BSEC Director and spokesperson Md. Abul Kalam.
Subsequently, a three-member investigation committee has been formed with nine specific terms of reference. The committee has been instructed to submit its report to the Commission within 60 working days. The Commission believes that such steps are necessary to protect investors’ interests.
According to BSEC sources, an order regarding the investigation has recently been issued conditionally by the Commission’s Market Intelligence and Investigation Department. The Managing Director of Associated Oxygen Limited has been informed about the investigation.
Officials from the relevant department of BSEC have confirmed the information. The members of the investigation committee are BSEC Deputy Director Shahnewaz, Ziaur Rahman, and Assistant Director Ali-Ahsan.
According to BSEC sources, the investigation will assess the IPO application process of Associated Oxygen, the role and responsibilities of the issue manager, and whether proper due diligence and compliance obligations were fulfilled. It will also evaluate the involvement of NRB Equity Management in preparing, verifying, and submitting documents for public listing, along with other relevant matters.
The Commission believes that this investigation will help ensure the company’s financial transparency and further strengthen investor confidence. It is also expected to play a positive role in establishing discipline and good governance in the market.
