Allegations of various types of manipulations and irregularities with the shares of Fortune Shoes Limited, a listed company in the capital market, have been going on for a long time. However, company officials are largely out of touch. At present, the chairman of the company Mizanur Rahman is staying in Turkey, said his brother Rabiul Islam.

Investors have reportedly filed a complaint with the DSE after Fortune Shoes announced a 10 per cent dividend for the financial year 2021-22 and did not distribute it on time. DSE said that the company officials distributed the dividend on June 9. However, the company has not yet distributed the dividend for the financial year 2022-23.

Although the company does not have much expertise in the capital market, it has come into discussion through share manipulation. The company’s share price has been artificially inflated at various times. Abul Khair Hiru, a cooperative officer known as a trader in the capital market, has led the cooperative. It is alleged that the company authorities have helped in the manipulation. At various times Hiro was fined for manipulation but nothing was done by the company authorities.

In this regard, BSEC spokesperson Farhana Farki told the media that the commission has decided to investigate all the irregularities and manipulations of Fortune Suze.

Listed in the capital market in 2016, the company is currently in the ‘Z’ category. The company’s shares were last traded at Tk 18 on DSE on October 3. The stock gained 40 paise or 4.65 percent that day. In the last 1 year, the price of the share increased from 16 30 paisa to 75 taka 70 paisa.

A review of the company’s financial report shows that the company has earned 06 paise per share in the latest third quarter (January-March 24). The company paid a 5 percent cash dividend to shareholders in 2023.