ACC starts probe into BSEC chair's suspected graft

The Anti-Corruption Commission (ACC) has initiated the process of probing graft allegations against the chairman of the Bangladesh Securities and Exchange Commission (BSEC).

It has already appointed an official to investigate the alleged involvement of Prof M Khairul Hossain in the approval of IPO (initial public offering) proposals of low-profile companies.

According to the ACC document, the national anti-graft watchdog on August 07 approved to assign assistant director Mamunur Rashid Chowdhury to do the job.

It stated that the BSEC chairman in collusion with some vested groups embezzled and laundered money through approving IPO proposals of low-profile companies in the capital market.

When contacted, an ACC official confirmed the appointment of the enquirer to look into the allegations against The BSEC chairman.

Prof Hossain was made the chairman of the securities regulator on May 15 in 2011 for three years.

On completion of his first tenure, he was reappointed for four years, as per the Bangladesh Securities and Exchange Commission (Amendment) Act 2012.

In April 2018, the government extended his term by two more years.

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