The Bangladesh Securities and Exchange Commission (BSEC) has fined three individuals a total of Tk 15.5 million for manipulating the share prices of five insurance companies through illegal trading practices.
The individuals—Md. Saif Ullah, Md. A. G. Mahmud, and S. M. Motaharul Janan—were found guilty of using series trading between July 19 and 29, 2021, to artificially inflate share prices of:
Global Insurance PLC
Islami Insurance Bangladesh Ltd
Central Insurance Company Ltd
Peoples Insurance Company Ltd
Republic Insurance Company Ltd
According to the BSEC, prices surged between 14% and 37% during the manipulation period. The accused are known associates of infamous trader Md. Abul Khair Hiru and have a history of similar offenses.
Penalties Imposed:
Saif Ullah: Tk 11 million
Saif Ullah & A. G. Mahmud (jointly): Tk 4.2 million
Motaharul Janan: Tk 0.3 million
BSEC stated the manipulation was deliberate and harmed general investors. The explanations given by the accused were deemed unacceptable.
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