Ex-SEC chief gives deposition in Chic Tex case

Former securities regulator chairman Manir Uddin Ahmad gave deposition on Thursday in a case on 1996 stock market scam, the lawyer said.
The special tribunal on the stock market received his deposition in the case of manipulating share prices of Chic Tex during July-December 1996.
After the 1996 stock market debacle, the securities regulator filed a case against two officials of the company.
Those who were accused for manipulating Chic Tex share prices are its the then managing director Engineer Md Maksudur Rahman and director Iftekhar Mohammad.
Masud Rana Khan, lawyer of Bangladesh Securities and Exchange Commission (BSEC), said Manir Uddin Ahmad was a member of the probe body, formed after the 1996 stock market debacle.
"Manir Uddin Ahmad gave deposition on Thursday in favour of their probe report," he added.
Chic Tex was formerly listed with the main bourse, and was shifted to OTC (over-the-counter) market in October 2009.
The securities regulator filed a case against the Chic Tex officials in 1997 following the probe-body's report. Later, the accused got bail from higher court.
The case came on the list of the special tribunal after its judicial functions started in this June.
On June 28, the tribunal issued warrants against the accused, as they did not attend it. The tribunal instructed the prosecution to carry on hearing of the case of Chic Tex, as the accused still remained absent.
It is mentioned in the petition of the prosecution that the accused conducted fraudulent activities during July-December 1996 in an ill effort to increase the share prices of Chic Tex.
They also transacted a large volume of shares of the company during that period.
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