A reputed Japanese conglomerate has appeared into the country’s stock market by acquiring shares in two prominent companies. Through share acquisitions, the well-known entity named Minori Bangladesh has gained ownership stakes in these two companies. Amidst a flurry of speculations, Mia Mamun Syndicate is orchestrating a surge in the share prices of both companies. The share value of one company has escalated from 8 to 182 taka.

Mirroring this pattern, the second company’s shares have fallen into the same cycle. A share, initially priced at 23 Taka, is being strategically acquired by common investors at 43 Taka, buying again at 25 Taka . Within the investing community, rumors and sensational tales are being weaved to manipulate the sentiment among general investors. Mia Mamun, a Bangladeshi expatriate in Japan, is the driving force behind Minori Bangladesh. Allegations have surfaced against him, suggesting orchestrated maneuvers to manipulate share prices across multiple companies.

Continuous waves of rumors are being used to inflate share values in the market, a concern raised by stakeholders within the industry. Mia Mamun is using Minori as Aladdin’s lamp in the stock market. Extensive research from Orthosongbad on Mia Mamun has revealed several facts about Mia Mamun.. Here is the first segment of an ongoing investigative report.

According to sources, the renowned Japanese entity, Minori Bangladesh Limited, has entered the country’s stock market as a major shareholder in two listed companies: Emerald Oil Industries and Fu-Wang Foods Limited. This inclusion of Minori Bangladesh Limited in the ownership of these two companies has led to a gradual increase in their share values. Among these, Emerald Oil Industries has undergone a significant change, including the liquidation of all its assets, including factories, to fulfill debts to Basic Bank.

Despite this situation of financial insolvency, the share prices of these companies are still allegedly being manipulated through continuous waves of rumors. A similar pattern is evident in the case of Fu-Wang Foods Limited, a company involved in the food and beverage sector.

It’s worth noting that Emerald Oil Industries Limited was listed on the stock market in 2014. In the same year, the company issued 20 million shares, raising a capital of 200 million Taka. The company successfully established its Spandan brand, engaging in rice bran oil production and marketing, stemming from paddy husks. However, just two years after being listed, the company faced financial distress due to the burden of loans from Basic Bank. Consequently, on June 27, 2016, its production ceased as a result of the ongoing litigation regarding the loan case against the backdrop of the loan scam at Basic Bank.

According to sources, Mia Mamun, the owner of Minori Bangladesh Limited, capitalized on the news of Emerald Oil Industries’ production halt and the shift in ownership. Starting from 2018, Mia Mamun had been strategically planning his involvement with shares of Emerald Oil Industries. Since then, he has consistently purchased the company’s shares at lower prices, leveraging his network of loyal associates.

In this scheme, Mia Mamun initiated the second phase by linking the Japanese company, Minori, with the ownership of Emerald Oil Industries. This information was purposefully disseminated in the stock market, resulting in an artificial increase in the company’s share value. Within a span of a few months, the share value of the company surged by nearly 200 percent due to orchestrated measures. According to market expertsAccording to market stakeholders, Mia Mamun came to the ownership of Emerald Oil Industries mainly to manipulate shares.

It has been reported that Basic Bank has been directed by a financial court to auction off the assets of Emerald Oil Industries. The bank, which had previously held an auction, has not found any buyers for the assets. As a result, according to legal provisions, the bank is preparing for a renewed auction. Furthermore, if the sale of Emerald Oil Industries’ assets cannot be executed, the bank will resort to confiscation.

Market insiders suggest that despite a lack of tangible assets in a company, manipulating the shares might be the sole motive behind its acquisition. They assert that the company’s shares have already been artificially inflated through various means associated with Minori’s involvement. This strategic manipulation has enabled Mia Mamun to gain significant financial gains. Consequently, this poses a risk to ordinary investors.

Interestingly, although Mia Mamun owns more than 8 percent of the company’s shares, he is not represented in the company’s board of directors. Mia Mamun claims that due to the tarnished CIB report on Emerald Oil Industries, he has not been invited to join the board.

By asking about this matter, Mia Mamun, told Orthosongbad that he has been involved since 2018 even though Minori came under the ownership of Emerald Oil in 2021. Basic Bank has filed a case in the Court of Debt. Mamun claimed he had spoken to the bank. He spoke to the bank about how to recover the assets of Emerald Oil.

However, Basic Bank denied these claims of Mia Mamun. The bank authorities told Orthosongbad that an attempt was made to meet with the current board of Emerald Oil, Mia Mamun, but no response was received.

Emerald Oil’s new board of directors has been repeatedly requested to move forward with debt repayment, a senior Basic Bank official told Orthosongbad on condition of anonymity. Presently, the administration has stipulated the suspension of interest payments and the application for restructuring. This procedural intricacy has triggered a legal impasse, prompting the bank to exercise its prerogative according to the institutional protocol, including sending multiple correspondences and proposals for settlement to the incumbent board and the managing director through formal channels.

Nevertheless, this gridlock has obstructed constructive cooperation from the current board, causing an unfortunate delay in resolving the issue. The complexity of legal entanglements has further hindered any potential redress, making the prospect of loan repayment improbable.

Mia Mamun claimed to Orthosongbad that he has opened a branch of the company in Tokyo, Japan called ‘Emerald Oil Japan’. He said, that due to the opening of branches in Japan, Emerald Oil can be easily sold to the businessmen of the country. In this case, the traders here (Japan) will be interested in buying the oil because Emerald Oil will take all the responsibility for the oil.

However, Mamun himself acknowledges that no assets of Emerald Oil will remain within his jurisdiction. In an interview with a reporter, he outlined his ambitious plan to close down all existing factories of Emerald Oil and initiate the establishment of new facilities in Jamalpur.

In a remarkable shift, after his involvement in a contentious takeover of Emerald Oil shares, Mia Mamun has shifted his focus to a new endeavor—Fu-Wang Foods. This development comes in the wake of ongoing speculations regarding the investment from the Japanese conglomerate Minori in Bangladesh. Notably, Mamun’s association with Fu-Wang Foods has also led to his appointment as the managing director of the company.

Prominent market analyst and professor, Abu Ahmed, has shed light on concerning trends in the stock market, told Orthosongbad by highlighting the speculative trading frenzy gripping certain companies, including Emerald Oil and Fu-Wang Foods. He expressed concern over individuals driven by ignorance and greed who are investing in these shares, often leading to a cycle of risky trading practices.

Ahmed emphasized that financially distressed companies like Emerald Oil are unlikely to attract substantial buyers. He cautioned against succumbing to rumors and urged investors to exercise caution when dealing with these shares, as they appear to be enticing regular investors into potentially hazardous investments.

Born in Nasirabad, Chattogram, Mia Mamun’s background traces back to his SSC from Agrabad Government High School in 1996 and HSC from City College in 1998. He ventured to Japan in 2000 to embark on his entrepreneurial journey under the name Minori. After completing his studies in 2008, he gained professional experience for three years before establishing his own company in Japan, Minori.