Stocks
BSEC Orders Investigation Into Salman, S Alam Group Over Stock Market Scandal & Other Allegations
The Bangladesh Securities and Exchange Commission (BSEC) has ordered an investigation into Salman F Rahman, former private industry and investment adviser to the deposed prime minister, and other members of his family, as well as companies under his control. The investigation relates to allegations surrounding the stock market scandal and other accusations. The BSEC has also instructed an inquiry into whether any irregularities have occurred in the capital market involving activities of Saiful Alam, chairman of S Alam Group, his wife, son-in-law, relatives, and companies under his control.
This directive was issued in an order signed by Md Mahmudul Haque, director of BSEC, on Monday (9 September).
According to sources, BSEC has formed a four-member investigation committee to probe the allegations against Salman F Rahman and S Alam. The appointed officials include BSEC Director Mohammad Abul Hasan, Additional Director Md Nazrul Islam, Assistant Director Amit Kumar Saha, and Towhidul Islam Saddam.
The investigation committee has been instructed to submit its report to the commission within 60 working days.
The investigation was prompted by a report published in Prothom Alo on 14 August, which detailed allegations of irregularities involving Salman F Rahman and S Alam Group.
The Prothom Alo report mentioned that Salman F Rahman had been known as a top defaulter since the 1980s. His name surfaced during the 1996 stock market scandal. However, after the Awami League government came to power in 2009, companies under the Beximco Group, owned by Salman F Rahman, were removed from the defaulter’s list by receiving special privileges. In 2011, following another stock market scandal, an investigation committee led by Khondker Ibrahim Khaled pointed to Salman F Rahman’s influence on the regulatory body.
The report also noted that S Alam Group, a close ally of the recently ousted Awami League government, took control of Islami Bank Bangladesh PLC in 2017 through a political decision. Since then, nearly Tk50,000 crore has reportedly been siphoned off from the bank by S Alam Group and its affiliates, including Nabil Group from Rajshahi, under various aliases. This amount represents about one-third of the bank’s total loans. Officials believe that the actual amount of funds misappropriated could be higher than the reported figures.
The report alleged that funds were withdrawn from Islami Bank Bangladesh PLC under the names of S Alam Group’s chairman Saiful Alam, his wife, son-in-law, relatives, and several employees. Consequently, BSEC has also decided to launch an investigation into them.
The Bangladesh Securities and Exchange Commission (BSEC) has today approved appointment of Ms. Nuzhat Anwar as the new Managing Director of Dhaka Stock Exchange PLC. (DSE).
Ms. Nuzhat Anwar brings over two decades of experience in financial markets, banking, and development finance. Prior to her appointment, she worked at the International Finance Corporation (IFC), the private sector arm of the World Bank Group, where she held multiple senior leadership roles across Africa and South Asia. Her positions included Resident Representative for Liberia and Sierra Leone, Senior Country Officer for Bangladesh covering Bangladesh, Bhutan, and Nepal, and acting Cluster Manager during the COVID-19 pandemic and the subsequent transition period.
Ms. Anwar also served as an IFC Country Officer in Botswana and Namibia, where she played a key role in establishing IFC’s presence in Gaborone and advancing a sustainable investment program, including IFC’s first investment in Botswana. She offers deep expertise in capital management, treasury and liquidity, transaction services, portfolio optimization, and market advocacy. Earlier in her career, she spent 16 years with Citibank Bangladesh and Standard Chartered Bank Bangladesh in various senior management roles.
Ms. Anwar holds a Master’s degree in Commerce (Finance) from the University of Dhaka.
On her appointment as the Managing Director of DSE, the Chairman of the Board of DSE Mr. Mominul Islam said, “We are pleased to receive the approval of BSEC for appointment of Ms. Anwar as the new Managing Director. Over the last one year the NRC and Board of have worked hard to recruit a competent leader as the MD of DSE. We are confident that Ms. Anwar, with her excellent leadership trait, vast experience in the financial sector in home and abroad and deep passion for transformation in the Capital Market of the Country, is the right candidate to lead DSE in the days ahead. Now, we will complete the internal processes to onboard Ms. Anwar at soonest.”
Dhaka Stock Market DSE, Bourse on the second working day of the week, 30th September, ended with a negative performance in Indices and a hike in Turnover from the previous working session. This information is known from DSE sources.
503 crore 90 lakh taka shares were traded on this day. 22 crore 58 lakh more tradings were done in DSE today compared to the previous workday, 29th September, Shares worth Tk 481 crores 31 lakh shares were traded last time, Sunday.
The benchmark DSEX lost 33.61 points or 5,624 The Shariah-based index DSES dropped 7.36 point or 1,263 and the blue-chip index DS30 decreased by 9.57 points or 2,053.
Of the issues traded, 72 advanced, 299 declined and 25 remained unchanged.
Shahjibazar Power Company Limited ranked top gainer on DSE, the share price increased by Tk 4.00 paisa or 9.76 percent. On this day, the share was last traded at Tk 45.00 paisa.
Dhaka Electric Supply Company Limited ranked top loser on the DSE, the share price dropped by Tk 1.80 paisa or 7.56 percent. On this day, the share was last traded at Tk 22.00 paisa.
DSE topped on trade is Pragati Life Insurance Limited 25 crore 35 lakh takas of company shares have been traded.
A total of 27 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 50 lakh 42 thousand 956 shares of the companies were traded. The financial value of which is 65 crore 60 lakh taka
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
