B Mirror Report: The Bangladesh Securities and Exchange Commission (BSEC) has fined seven officials of listed company Fortune Shoes Ltd, including its chairman and managing director, a total of Tk 72 million for violating securities laws.

According to a recent BSEC order, the regulator imposed the penalties after the company failed to clear outstanding cash dividends and listing fees within a one-month deadline set by the commission.

BSEC said Fortune Shoes had declared a 10 percent cash dividend and a 5 percent stock dividend for the financial year ended June 30, 2022. However, of the declared Tk 162.5 million cash dividend, about Tk 39.8 million remains unpaid to shareholders.

The company also failed to pay Tk 1.829 million in listing fees owed to the Dhaka Stock Exchange (DSE) for the previous three years up to July 31, 2023.

Chairman Md. Mizanur Rahman received the highest penalty of Tk 50 million. Managing Director Rokshana Rahman, directors Md. Amanur Rahman and Robiul Islam, and former director Md. Khasrul Islam were each fined Tk 5 million.

Chief Financial Officer Jamil Ahmed Chowdhury was fined Tk 1 million, while former Company Secretary Riaz Uddin Bhuiyan and current Company Secretary Md. Nazmul Hossain were each fined Tk 500,000.

The regulator directed all fines to be paid to the commission through bank draft or pay order within 30 days of the order. BSEC warned that failure to comply would result in further action under the securities laws.