FE Report
Special Tribunal on capital market Thursday again rejected bail petitions of five accused including former president of Institute of Chartered Accountants of Bangladesh (ICAB) in a case.
On September 15 last, the accused appeared before the tribunal and sought bail in the case filed against them on charge of issuing fake certificates against the shares of Paragon Leather and Footwear Industries.
On the day, the tribunal sent them to jail after rejecting their bail petitions. They had remained fugitive since the start of the case proceedings.
The five are Paragon Leather's chairman MA Salam, company's corporate adviser Abdus Salam, also former president of ICAB, and three officials Md Jalal Uddin, SM Junayed Bagdadi and Hemonto Bain.
Masud Rana Khan, a lawyer of the securities regulator, said the defence counsels Thursday sought bail for their clients.
"The tribunal rejected their bail petitions for the second time. It fixed September 28 for next hearing on the case," Mr Masud said.
The Bangladesh Securities and Exchange Commission (BSEC) in June, 2001 filed the case against 20 people including some top bosses of Paragon Leather following the probe report.
According to the BSEC's probe report, the accused were involved in issuing false share certificates in the name of Paragon Leather.
Of the accused, some 12 took bank loans worth Tk 2.0 million each, keeping the false share certificates as collateral.
Two of the accused also received loans from Sandhani Credit and Cooperative and Chartered Credit Cooperative, using the same tactics.
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Ex-president of ICAB, four others denied bail again
FE Team | Published: September 18, 2015 00:00:00 | Updated: November 30, 2026 06:01:00
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