The chief of the stock market watchdog and three commissioners finally met other staffers of the organisation on Monday in a reconciliation attempt after the recent outburst of conflict.
The forced retirement last week of an executive director over graft allegations led to staff protests and the demand for resignation of the top brass.
On Monday, the aggrieved employees returned to work, including most of those, who had been named as accused in a case filed with Sher-e-Bangla Nagar Police Station over the hostage situation last Wednesday. Thirteen out of the 16 accused already managed to get bail from the court.
They had been charged with holding the top brass hostage at a meeting room of the Bangladesh Securities and Exchange Commission (BSEC) for more than four hours for what the commission claimed was its stringent actions against corruption.
Those who secured bail are executive directors -- Mahbubul Alam and Rezaul Karim --, Additional Director Nazrul Islam, Joint Director Rashidul Islam, deputy directors -- Boni Yamin, Al Islam and Shahidul Islam --, assistant directors -- Joni Hossain, Raihan Kabir, Abdul Baten and Sajjad Hossain --, librarian Selim Reza Bappy, and personal secretary Abu Yousuf.
Unlike the situation at the BSEC in the previous three days, the premises of the securities commission had the presence of fewer law enforcers on Monday.
BSEC Chairman Khondoker Rashed Maqsood presided over the meeting and asked for everyone's help to efficiently run the organisation.
He also condemned the incident that happened last week.
"The recent incident within the commission has raised concerns among stakeholders about its potential impact on both domestic and foreign investments in the capital market," said Mr Maqsood.
The chairman of the Dhaka Stock Exchange (DSE) described the event as unfortunate but insisted that many within the BSEC have continued to work with dedication and integrity.
Meanwhile, Mohammad Mahbubul Alam, executive director (ED) of the BSEC, submitted a resignation letter to the BSEC chairman after attending office on Monday. He was one of the accused in the case.
Tension arose at the BSEC on Wednesday last week following the compulsory retirement of executive director Saifur Rahman the day before. BSEC employees placed a four-point demand to the commission, including the withdrawal of show-cause notices served on the basis of recent probe reports.
Disgruntled employees cut off power connections and disconnected CCTV cameras at the BSEC office, closed the main entrance, and locked up the chief and three commissioners inside the building.
Later, police and members of the armed forces entered the building and freed the hostages. During the rescue operation, several BSEC officials and employees were injured.
In protest, staffers announced a strike on Thursday.
After the filing of the case by the bodyguard of the BSEC chief, market stakeholders met him and extended their support to him. They also called for a quick solution to the problems that were keeping the market watchdog from working efficiently.
farhan.fardaus@gmail.com
© 2025 - All Rights with The Financial Express
