Commission, however, allows major retirement benefits
The Bangladesh Securities and Exchange Commission on Tuesday sent its executive director Anwarul Kabir Bhuiyan to a forced retirement allowing major retirement benefits after he was found guilty of market manipulation during 2010-11 stock market scam.
Anwarul will not get the increments for six year of his service in the BSEC as ‘harder punishment’ and is sent to a forced retirement, said the commission in a press release.
BSEC officials said the basic salary of Anwarul was Tk 35,000 which would now be Tk 29,000 in calculating his retirement benefits.
They, however, said Anwarul would get all retirement benefits including pension.
The probe committee that investigated stock market scam in 2011, in its report, alleged that Anwarul was involved in securities business using the name of his wife Roksana Akhter which was a breach of the SEC laws.
According to the share scam probe report, Anwarul operated four beneficiary owners’ accounts in Al-Arafah Islami Bank, BLI Securities, Lanka-Bangla Securities and NBL Securities.
The SEC order, issued on April 11, 2010, barred any employee of the commission from securities transaction in his own name, or in the name of his/her spouse, or in the name of parents or children, or any other person dependent on him.
The office order was signed by Anwarul himself.
The probe committee recommended further investigation into the matter pointing out that such practice is a breach of SEC laws and all four accounts were involved in large-scale share transactions.
Following the probe committee’s recommendation the finance ministry formed a committee to investigate further into the matter.
The finance ministry’s committee, headed by BSEC member Helal Uddin Nizami, submitted it report
last week with substantial evidence of wrongdoing by Anwarul.
Anwarul was suspended on March 2, 2012 as the BSEC had found evidence of his involvement in stock market irregularities during the market boom and subsequent crash in 2010-2011.
In January 2011, Anwarul was made officer on special duty after allegations and controversy surfaced over his role in the commission.
-With New Age input
