Former ICAB chief gets bail

A special tribunal on Monday granted bail to former president of Institute of Chartered Accountants of Bangladesh in a share scam case.

Humayun Kabir, Judge of the Special Tribunal on capital market, granted Abdus Salam bail on health grounds.

Masud Rana Khan, a lawyer of the Bangladesh Securities and Exchange Commission (BSEC), said the defence counsels sought bail for their two clients -- Abdus Salam and SM Junayed Bagdadi, but the tribunal granted bail to Mr Salam, considering his health condition.

The securities regulator in June 2001 filed a case against 20 people including Chairman of Paragon Leather and Footwear Industries MA Salam, company's corporate adviser Abdus Salam and three officials Md Jalal Uddin, SM Junayed Bagdadi and Hemonto Bain after the probe committee found their involvement in the 1996 stock market fraud.

According to the probe report of the regulator, the accused were involved in issuing false share-certificates in the name of Paragon Leather.

Of the accused, some 12 secured bank loans worth Tk 2.0 million each, showing the fake share-certificates as collateral.

Two of the accused also received loans from Sandhani Credit and Cooperative and Chartered Credit Cooperative using the same tactics.

Earlier on September 15, the accused appeared before the tribunal and sought bail, but the tribunal rejected their petition and sent them to jail.

They had remained fugitive since the start of the case proceedings.

The tribunal fixed September 28 for the next hearing on the case.

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