Report on share market: People demand transparency
the names of alleged scamsters in it wo | Saturday, 9 April 2011
the names of alleged scamsters in it wo
small alike, who crashed recently as the market nosedived, seem to be yelling furiously for complete disclosure of the report, Enayet Rasul Bhuiyan The eagerly awaited report of the committee that was set up by the government last December in the wake of the fast plummeting share market at that time, was prepared and finally submitted to the Finance Minister on last Thursday. Only a gist of it was made available to the media in a press briefing that followed on the same day. But the gist did not contain the names of those which were mentioned in the report and whom the committee found out to be the real perpetrators of the stock market debacle for their personal gains in most cases. According to a report, the Finance Minister, on being asked, told the press briefing that the names of the individuals which have been revealed in the report , will be erased before making it public within 15 days. The Minister's contention is that it would not be in good taste to disclose names without being absolutely sure of their crimes. Apparently, this sounds persuasive. But in what way it serves government's obligation to be transparent in relation to an issue of huge public interest by keeping the identities of individuals in secrecy who were detected by an expert committee after their painstaking efforts for over three months. Surely, the names, if disclosed, would not automatically establish their offences. The same could be only the starting point of the government directly or the Securities and Exchange Commission starting cases against them. The same on being pursued and the offences being found to be true after following proper court procedures and their conviction, only then they would be regarded as real offenders but not before exhausting any of these processes. Till the charges against them remain only in the form of an allegation, they or the allegation makers, neither side stands to lose nothing. Hundreds of court cases on the basis of allegations or formal accusations are started in the country with the accusers naming the accused and people coming to know the identities of the latter. But the accused ones are not disgraced automatically for being so or have to bear any penalties till they are proved guilty and in many cases they disprove their alleged offences and walk away scot free holding their heads high. So, there is no palpable logic behind not disclosing names now. Rather, not allowing the names to be known could be interpreted as a way of protecting the sinners. People had the same kind of bitter experience after the 1996 share market disaster which too was followed by the formation of a special committee to investigate into the happening and expose the swindlers for taking steps against them. But people had no way of knowing the full contents of that report and the names of the scamsters in it. The report of the special committee in 1996 was quietly shelved and taken away from people's view. But if it was appropriately disclosed and acted upon, then possibly this latest share market crash could have been avoided from all types of reforms of the market and the regulating authority by now. Thus, it should be understandable why affected people are so very keen that this time the report of the Ibrahim Khalid committee, all of it, must be disclosed in full view of the public including the names of the ones who are the architects of their great misery. People are in no mood to be tricked for the second time. The beneficiary owner (BO) account holders numbered less than 0. 5 million less than two years ago. Over the last nearly two years, the number of BO account holders swelled fast to some 3. 3 million. The account holders and their family members include at least 15 to 20 million people or more . The greatest number of the BO account holders happen to be small retail investors. They are the ones who suffered the most from first the crash and now the on going bearish conditions in the market. The latest report on the stock market noted that retail investors have lost around Taka 200 billion in a short period of time to swindlers. Most of them have been pushed down to conditions of penury or something close to it from the tumbling stock markets. These people are in a very agitated state of mind. They are absolutely for some persons to be punished for their present ordeals. These affected people have also turned very bitter and see the decline in their fortunes as the government's doing. They form a vast number of very disgruntled people who could be expected to turn against this government or the ruling party during the next national elections if the present report on the stock market is just allowed to be gradually hidden from view and not properly acted upon like the last one. Not quickly spelling out the names of the scamsters would raise the question whether they are so powerful and influential that government feels hesitant or embarrassed to let the people know who they are. But by the government's own admission, none is higher than the law or the arm of the law. Government's treatment of Professor Yunnus is a recent case in point. The world renowned icon personality of Bangladesh, Professor Yunnus, was so insensitively treated by the government for not having adhered to a minor point of law. He was dismissed from a position from a world famous institution-- that earned so much esteem and recognition for Bangladesh-- against worldwide opposition to the move, by the government of Bangladesh just to be seen as unfailingly on the side of upholding the law. People may rightly ask now about where is this sense of law and legality in not disclosing the names of persons who have been accused for stealing billions and billions of taka or people's money through manipulation in the stock markets. Are we to conclude that these people are even above the law or government owes it to them to keep their identities hidden ? In all fairness , government should let the full contents of the report on the share market be fully known at the fastest. The big offenders responsible for the crashing of the market must be penalized appropriately for their sins. The report found professional weaknesses and lack of integrity in the Securities and Exchange Commission (SEC), the market regulator, as also responsible for the debacle. So, government should do its best in the coming days to strengthen the SEC in all respects. Doing of all these things and more only will create conditions for a stronger sustainable market in the future.
small alike, who crashed recently as the market nosedived, seem to be yelling furiously for complete disclosure of the report, Enayet Rasul Bhuiyan The eagerly awaited report of the committee that was set up by the government last December in the wake of the fast plummeting share market at that time, was prepared and finally submitted to the Finance Minister on last Thursday. Only a gist of it was made available to the media in a press briefing that followed on the same day. But the gist did not contain the names of those which were mentioned in the report and whom the committee found out to be the real perpetrators of the stock market debacle for their personal gains in most cases. According to a report, the Finance Minister, on being asked, told the press briefing that the names of the individuals which have been revealed in the report , will be erased before making it public within 15 days. The Minister's contention is that it would not be in good taste to disclose names without being absolutely sure of their crimes. Apparently, this sounds persuasive. But in what way it serves government's obligation to be transparent in relation to an issue of huge public interest by keeping the identities of individuals in secrecy who were detected by an expert committee after their painstaking efforts for over three months. Surely, the names, if disclosed, would not automatically establish their offences. The same could be only the starting point of the government directly or the Securities and Exchange Commission starting cases against them. The same on being pursued and the offences being found to be true after following proper court procedures and their conviction, only then they would be regarded as real offenders but not before exhausting any of these processes. Till the charges against them remain only in the form of an allegation, they or the allegation makers, neither side stands to lose nothing. Hundreds of court cases on the basis of allegations or formal accusations are started in the country with the accusers naming the accused and people coming to know the identities of the latter. But the accused ones are not disgraced automatically for being so or have to bear any penalties till they are proved guilty and in many cases they disprove their alleged offences and walk away scot free holding their heads high. So, there is no palpable logic behind not disclosing names now. Rather, not allowing the names to be known could be interpreted as a way of protecting the sinners. People had the same kind of bitter experience after the 1996 share market disaster which too was followed by the formation of a special committee to investigate into the happening and expose the swindlers for taking steps against them. But people had no way of knowing the full contents of that report and the names of the scamsters in it. The report of the special committee in 1996 was quietly shelved and taken away from people's view. But if it was appropriately disclosed and acted upon, then possibly this latest share market crash could have been avoided from all types of reforms of the market and the regulating authority by now. Thus, it should be understandable why affected people are so very keen that this time the report of the Ibrahim Khalid committee, all of it, must be disclosed in full view of the public including the names of the ones who are the architects of their great misery. People are in no mood to be tricked for the second time. The beneficiary owner (BO) account holders numbered less than 0. 5 million less than two years ago. Over the last nearly two years, the number of BO account holders swelled fast to some 3. 3 million. The account holders and their family members include at least 15 to 20 million people or more . The greatest number of the BO account holders happen to be small retail investors. They are the ones who suffered the most from first the crash and now the on going bearish conditions in the market. The latest report on the stock market noted that retail investors have lost around Taka 200 billion in a short period of time to swindlers. Most of them have been pushed down to conditions of penury or something close to it from the tumbling stock markets. These people are in a very agitated state of mind. They are absolutely for some persons to be punished for their present ordeals. These affected people have also turned very bitter and see the decline in their fortunes as the government's doing. They form a vast number of very disgruntled people who could be expected to turn against this government or the ruling party during the next national elections if the present report on the stock market is just allowed to be gradually hidden from view and not properly acted upon like the last one. Not quickly spelling out the names of the scamsters would raise the question whether they are so powerful and influential that government feels hesitant or embarrassed to let the people know who they are. But by the government's own admission, none is higher than the law or the arm of the law. Government's treatment of Professor Yunnus is a recent case in point. The world renowned icon personality of Bangladesh, Professor Yunnus, was so insensitively treated by the government for not having adhered to a minor point of law. He was dismissed from a position from a world famous institution-- that earned so much esteem and recognition for Bangladesh-- against worldwide opposition to the move, by the government of Bangladesh just to be seen as unfailingly on the side of upholding the law. People may rightly ask now about where is this sense of law and legality in not disclosing the names of persons who have been accused for stealing billions and billions of taka or people's money through manipulation in the stock markets. Are we to conclude that these people are even above the law or government owes it to them to keep their identities hidden ? In all fairness , government should let the full contents of the report on the share market be fully known at the fastest. The big offenders responsible for the crashing of the market must be penalized appropriately for their sins. The report found professional weaknesses and lack of integrity in the Securities and Exchange Commission (SEC), the market regulator, as also responsible for the debacle. So, government should do its best in the coming days to strengthen the SEC in all respects. Doing of all these things and more only will create conditions for a stronger sustainable market in the future.