HC asks eight to surrender over 1996 stock scam

The High Court (HC) ordered on Tuesday eight directors of two companies to surrender before the trial court in two cases filed over the 1996 share market scam, reports UNB.

The single HC bench of Justice Md Rais Uddin passed the order after hearing an appeal filed by Bangladesh Securities and Exchange Commission (BSEC) against their acquittal.

Of the accused, Hemayet Uddin Ahmed, Moshtaque Ahmed Sadeq, Syed Mahbub Murshed, Sharif Ataur Rahman and Ahmed Iqbal Hasan are the directors of HMMS Financial Consultancy and Securities while MG Azam Chowdhury, Shahidullah and Prof Mahbub Ahmed directors of Securities Consultants Limited.

They had been sued for illegal share transactions conducted through their companies.

Deputy attorney general Shahfiul Bashar Bhandary said the High Court asked the eight directors of the two companies to surrender before the designated court within one month from receiving the order, and ordered the court to consider their bail.

A speedy tribunal, formed to dispose of the share market-related cases on February 1 last, acquitted the eight people.

The BSEC filed an appeal with the High Court on March 25 challenging the acquittal.