FE Report
The special tribunal on capital market issued arrest warrant against Aziz Mohammad Bhai, a director of Olympic Industries Ltd, on Wednesday after framing charge against him in a 1996 share scam case.
The tribunal fixed September 18 for next hearing of the case, filed in 1999 in relation to manipulating the share price of Olympic Industries.
The Bangladesh Securities and Exchange Commission (BSEC) filed the case against the company and its two sponsor-directors - Mohammad Bhai and his son Aziz Mohammad Bhai - for their alleged involvement in the manipulation.
Mohammad Bhai has already died, and the tribunal received verified police report in this regard on August 07, according to BSEC lawyer Advocate Masud Rana.
The tribunal framed charge of the share scam case related to Olympic Industries on Wednesday.
At the same time, the tribunal issued arrest warrant against Aziz Mohammad Bhai, rejecting his lawyer's plea seeking time to appear before the tribunal.
"If the charge is framed, arrest arrant is normally issued in absence of the accused," said Mr Masud Rana.
He also said the share price of Olympic Industries jumped to Tk 1,049 each on December 31, 1996 from Tk 549 on June 30, 1996 due to manipulation.
"The company also issued rights shares taking high premium," he added.
The case related to Olympic Industries was stayed for a long time following an order of the High Court (HC).
The special tribunal on capital market started the case hearing on July 24 after HC lifted the previous stay order.
Olympic Industries, presently an 'A' category company, was listed with the stock exchange in 1989.
The company's sponsor-directors hold 27.77 per cent of its shares, while institutions hold 13.45 per cent, foreign shareholders hold 43.58 per cent, and general public hold 15.20 per cent shares as of July 31, 2018.
The company's share price closed at Tk 207.90 each on the Dhaka Stock Exchange (DSE) on Wednesday.
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