Inquiry committee vows impartial investigation

Members of an inquiry committee formed by the securities regulator have pledged to conduct their investigation into the market scams with impartiality.
At the same time, the Bangladesh Securities and Exchange Commission (BSEC) has also said it would not influence the committee's work, ensuring that the forthcoming probe report will maintain its credibility and transparency.
This assurance came at a press briefing held at the BSEC office on Monday, where the inquiry committee members were introduced.
On Sunday, the BSEC formed a five-member probe committee to investigate irregularities in the stock market, including allegations concerning the issuance of Beximco Green Sukuk Bond and IFIC Granted Sreepur Township Green Zero Coupon Bond and other irregularities involving some nine listed companies .
The securities regulator wants to deliver an inquiry report that is legally sound and widely accepted, said Khondoker Rashed Maqsood, the newly appointed chairman of the BSEC.
In presence of the committee members, he said the BSEC expects a report that will provide specific evidence of the corrupt activities.
"If needed, the range of the terms of reference (ToR) of the inquiry committee will be expanded to dig out the irregularities properly," said the BSEC chairman.
Probe committee member Yawer Sayeed, managing director of AIMS of Bangladesh, said it is an undeniable fact that the country's capital market has not seen significant advancement over the past 25 years.
The main challenge is to produce a report that holds accountable those responsible for the wrongdoing, he said.
He also said the capital market has not learned any lesson from the inquiry report on 2010-11 stock market debacle, which was prepared by Khondker Ibrahim Khaled-led committee.
"No one was held accountable in accordance with the findings of that inquiry report."
Inquiry committee chief Zai U Ahmed, founder chairman & consultant at Tera Resources International, USA, said they would prepare a report designed to prevent the recurrence of similar wrongdoings in the future.
At the press briefing, journalists questioned whether the involvement of two committee members, who are also fund managers, could lead to a conflict of interest, as their mutual funds have invested in securities that will be part of the committee's investigation.
In response, Mr. Sayeed said the investments were made in accordance with decisions made by an investment team and he was just an employee of the company.
In this regard, the BSEC chairman said any committee member, if necessary, would withdraw from any part of the investigation that might present a conflict of interest.
BSEC commissioners ATM Tariquzzaman, Md Mohsin Chowdhury and Md Ali Akbar, and Executive Director Md Anwarul Islam were present at the press briefing.

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