The report that speaks trouble
Wednesday, 13 April 2011
Shamsul Huq Zahid
Finance Minister AMA Muhith has to make a decision whether he would take the trouble of 'editing' the report of the probe committee on share market scam and make it public, officially. The content of the main report, submitted to the finance minister by the probe committee Thursday last, is already out for public consumption by the courtesy of the Bangladesh's agile media. Newspapers have already published a series of news items on the content of the report. There should be no reason for anyone to be annoyed with the media for publishing the details of the report before its 'official' publication. It is the job of the media to dig out secrets, not the ones involving national security and privacy of individuals, and bring the same to the notice of the people. The media has done nothing unethical as far as publication of the report is concerned. It could be that someone has, deliberately, leaked the report to the press out of the fear that there could be an attempt to shield the names of some powerful and influential people whom the probe committee found to be involved in the stock market scam. The press statement issued by the finance minister following the submission of the report by the probe committee, possibly, encouraged some people who are in the know of the things to leak the content of the report to the press. The minister said the government would make the report public after dropping the names of persons whom the committee suspected to be involved in the latest stock market manipulations. His statement had given rise to suspicion that the there was a behind-the-scene move from some quarters to shield a few powerful and influential people whose names have been mentioned as suspects in the probe committee report. The bitter experience in relation to the 1996 stock market scam, obviously, has played a role in the back of the mind of the people who have leaked the full report to the press. True, anyone suspected of committing a crime cannot be recognized as a criminal unless and until he or she is found guilty by a recognized court of law. The probe body in its report has also suggested the government to be sure about the wrongdoings by the suspected individuals before taking any actions against them. Under such circumstances, the decision of the finance minister to drop names of individuals, suspected to be involved in manipulations, from the report might appear justified to many. But the enormity of the scam that has affected millions of investors across the country and the fate of a past report on similar event tend to make people suspicious about even a reasonable action. But, unfortunately, there are a few signs of 'media trial' of the suspects of the stock market manipulations. While the publication of report has been very much within the bounds of the professional ethics, targeting the suspects for the purpose of maligning them without proof would be an unethical act. In fact, the probe committee, despite facing lots of limitation, has accomplished its job. It is the responsibility of the government to play its part now to bring the real culprits to book. It matters little how it does it. But any sort of foot-dragging would only strengthen the widespread suspicion that the masterminds of the scam would, finally, go off the hook. The report has put to test the government's sincerity to try the stock market manipulators, who, allegedly, include some influential ruling party men, businessmen, officials. It will be not an easy task either, particularly when the probe body chief has admitted that the act of manipulations both in primary and secondary markets, in a number of cases, were done within the lawful bounds. One particular institution, the Securities and Exchange Commission (SEC), did create opportunities for the manipulators to make their fortunes availing themselves of the legal lacunae. There are instances where the regulator kept in abeyance its own decisions just to facilitate some companies to fleece the small investors. There should be no reason for the government to delay the job of cleansing the securities regulator that, according to the probe body report, had become a den of some greedy officials. While selecting top officials for the SEC, what should count most is competence, not political loyalty. A strong regulator, in terms of manpower, logistics and legal provisions, is the best safeguard against manipulation, be it stock market or money market. zahidmar10@gmail.com
Finance Minister AMA Muhith has to make a decision whether he would take the trouble of 'editing' the report of the probe committee on share market scam and make it public, officially. The content of the main report, submitted to the finance minister by the probe committee Thursday last, is already out for public consumption by the courtesy of the Bangladesh's agile media. Newspapers have already published a series of news items on the content of the report. There should be no reason for anyone to be annoyed with the media for publishing the details of the report before its 'official' publication. It is the job of the media to dig out secrets, not the ones involving national security and privacy of individuals, and bring the same to the notice of the people. The media has done nothing unethical as far as publication of the report is concerned. It could be that someone has, deliberately, leaked the report to the press out of the fear that there could be an attempt to shield the names of some powerful and influential people whom the probe committee found to be involved in the stock market scam. The press statement issued by the finance minister following the submission of the report by the probe committee, possibly, encouraged some people who are in the know of the things to leak the content of the report to the press. The minister said the government would make the report public after dropping the names of persons whom the committee suspected to be involved in the latest stock market manipulations. His statement had given rise to suspicion that the there was a behind-the-scene move from some quarters to shield a few powerful and influential people whose names have been mentioned as suspects in the probe committee report. The bitter experience in relation to the 1996 stock market scam, obviously, has played a role in the back of the mind of the people who have leaked the full report to the press. True, anyone suspected of committing a crime cannot be recognized as a criminal unless and until he or she is found guilty by a recognized court of law. The probe body in its report has also suggested the government to be sure about the wrongdoings by the suspected individuals before taking any actions against them. Under such circumstances, the decision of the finance minister to drop names of individuals, suspected to be involved in manipulations, from the report might appear justified to many. But the enormity of the scam that has affected millions of investors across the country and the fate of a past report on similar event tend to make people suspicious about even a reasonable action. But, unfortunately, there are a few signs of 'media trial' of the suspects of the stock market manipulations. While the publication of report has been very much within the bounds of the professional ethics, targeting the suspects for the purpose of maligning them without proof would be an unethical act. In fact, the probe committee, despite facing lots of limitation, has accomplished its job. It is the responsibility of the government to play its part now to bring the real culprits to book. It matters little how it does it. But any sort of foot-dragging would only strengthen the widespread suspicion that the masterminds of the scam would, finally, go off the hook. The report has put to test the government's sincerity to try the stock market manipulators, who, allegedly, include some influential ruling party men, businessmen, officials. It will be not an easy task either, particularly when the probe body chief has admitted that the act of manipulations both in primary and secondary markets, in a number of cases, were done within the lawful bounds. One particular institution, the Securities and Exchange Commission (SEC), did create opportunities for the manipulators to make their fortunes availing themselves of the legal lacunae. There are instances where the regulator kept in abeyance its own decisions just to facilitate some companies to fleece the small investors. There should be no reason for the government to delay the job of cleansing the securities regulator that, according to the probe body report, had become a den of some greedy officials. While selecting top officials for the SEC, what should count most is competence, not political loyalty. A strong regulator, in terms of manpower, logistics and legal provisions, is the best safeguard against manipulation, be it stock market or money market. zahidmar10@gmail.com