B Mirror Report:  A former director and sponsor shareholder of United Commercial Bank PLC (UCB), Sabbir Ahmed, has filed a formal complaint with the Bangladesh Securities and Exchange Commission (BSEC), alleging that brokerage house Salta Capital Ltd illegally sold more than 20.13 million of his UCB shares without his consent.

In a written complaint submitted to the regulator on June 7, Ahmed sought a full investigation into the alleged unauthorised sale, legal action against those responsible, and compensation for the missing shares.

According to the complaint, Ahmed’s previous Central Depository Bangladesh Ltd (CDBL) statement showed 28.36 million UCB shares, including 17.37 million free-balance shares and 10.99 million blocked shares. However, a subsequent CDBL report reflected only 8.22 million shares, with the free balance reduced to zero, leaving a shortfall of 20.14 million shares.

Ahmed also alleged that 11,685 shares of Eastern Bank PLC (EBL), which appeared in an earlier portfolio statement, were missing from the later CDBL report.

The complaint further claims that Salta Capital’s chairman and directors signed a written undertaking acknowledging that 20.14 million UCB shares had been sold without the owner’s authorisation and pledged either to return the shares or compensate him with an equivalent amount. Ahmed alleged that despite the commitment, no permanent resolution has been reached.

He argued that sponsor shares require stricter regulatory oversight because of their sensitivity and called on the BSEC to investigate whether the shares were transferred or sold without approval, examine the role of Salta Capital and other related parties, and ensure the restoration of the missing UCB and EBL shares or provide equivalent compensation.

Ahmed also urged the regulator to strengthen monitoring and safeguards to better protect sponsor shareholders’ holdings in the future.

Commenting on the matter, BSEC Executive Director Md Abul Kalam said the commission had instructed the Dhaka Stock Exchange (DSE) to verify the allegations immediately after receiving the complaint. He added that the regulator’s legal department is also working on measures to help prevent similar incidents in the future.