B Mirror Desk : The Bangladesh Securities and Exchange Commission (BSEC) has imposed a fine of Tk 2.26 crore on Shakib Al Hasan, a former member of the Bangladesh national cricket team and ex-MP of the ousted Awami League government, for manipulating stock prices.

This penalty pertains to the stock price manipulation of Sonali Paper, a publicly traded company. As detailed in the BSEC’s enforcement report from April, a total of Tk 290 million in fines was levied against 13 individuals, including Shakib Al Hasan, for two separate incidents of stock price manipulation involving Sonali Paper.

This announcement was made by the BSEC on Thursday, May 15. Other individuals fined include Abul Khair (also known as Hiroo), Kazi Sadia Hasan, Abul Kalam Matabbar, DIT Cooperative, Kazi Farid Hasan, Kazi Fuad Hasan, Kanika Afroz, Sazed Matabbar, Mohammad Bashar, Monarch Holdings, Monarch Hotels and Resorts, Softavion, and Javed A Matin.

The BSEC’s investigation uncovered that between September 30 and October 28, 2021, and again from December 1 to December 31 of the same year, this group artificially inflated the share price of Sonali Paper, resulting in a 126 percent increase to Tk 957.70. This manipulation led to a profit of Tk 336.3 million, with the potential for an additional unrealized profit of Tk 550 million. The investigation confirmed the existence of a coordinated effort to inflate the share price, which constitutes a breach of the Securities Act. In a written statement to the BSEC, Abul Khair expressed regret on behalf of Shakib Al Hasan, stating, ‘An error occurred unintentionally due to ignorance. I will take precautions to prevent such incidents in the future.’