FID seeks list of ICB employees involved

The Financial Institutions Division (FID) has asked the Bangladesh Securities and Exchange Commission (BSEC) to provide a list of Investment Corporation of Bangladesh (ICB) employees allegedly involved in the manipulation of stock price of Fortune Shoes Ltd.

This move follows an investigation report forwarded by the BSEC to the FID. The report claimed that Md Abul Khayer (Hero), a deputy controller at the Department of Cooperatives, in collusion with some ICB employees, manipulated the stock price of Fortune Shoes, and the ICB later purchased the shares at inflated prices.

This scam led to a significant financial loss for the ICB, the investigation report mentioned.

The report, however, did not mention the names, positions and clear identities of the ICB officials involved in the scam, according to the officials concerned.

As a result, the FID has now asked the BSEC to provide the details of the ICB officials in order to pursue punitive actions against the implicated individuals, they said.

The BSEC investigation committee, formed after the fall of the previous government, investigated the alleged manipulation that took place between July 2017 and September 2022.

In September last year, BSEC spokesperson Md Abul Kalam told The Financial Express that certain ICB officials, responsible for managing the company's portfolio, had assisted the manipulators in offloading their shares.

"They facilitated the manipulation and the exit of the manipulators, causing losses to the state-run entity [ICB]," he said.

syful-islam@outlook.com