ZCZC
BSS-36
BSEC-PROTEST
BSEC protests media reports against its chairman
DHAKA, Aug 22, 2019 (BSS) – Bangladesh Securities and Exchange Commission
(BSEC) today strongly protested the news item that the Anti-Corruption
Commission (ACC) has launched a probe into allegations of embezzlement and
money laundering against its chairman Dr M Khairul Hossain.
On August 22, the Daily Prothom Alo in a news item said that the ACC has
started investigation against the BSEC chairman for making money by allowing
weak companies to float Initial Public Offerings (IPOs).
The BSEC’s Executive Director and Spokesperson M Sifur Rahman issued a
statement today clarifying its stand about the report.
The statement said that Dr M Khairul Hossain is a very honorable person.
BSEC has strongly protested the false allegations against the BSEC chairman
for tarnishing his image as well as the organization.
Saifur said regulatory bodies use to take different decisions against
powerful persons across the world. So, they may become angry and complain
against one or more persons. Their complaints do not mean that the allegation
is proved.
Huge campaign in the news papers and demand for resignation based on the
imaginary allegation is tragic for us as well as extreme deviation from
responsible journalism, the statement said.
BSEC hopes responsible behavior as regard publishing of such sensitive
news.
BSEC said the interested organisations collect money from the capital
market through IPOs and other ways. The commission does not force them to
withdraw money and it also does not encourage anyone to invest in the capital
market.
BSEC verifies the papers of the interested organisations after submitting
applications through their respective managers. BSEC approves IPOs as per the
existing laws across the world.
The chairman cannot give approval for IPOs alone. The commission meeting
approves the IPOs after verifying at different levels of the organisation.
As per the published report, a total of 88 companies enlisted in the
capital market through IPOs in the last 10 years. Out of those, the present
prices of nine companies is lower the face value, which is 10 percent of the
total issue while it is 61 percent in India.
In secondary market, the prices of share fix through demand and supply.
So, commission has nothing to do in this regard. As a regulatory body, the
work of the commission is to identify the irregularities and take necessary
actions.
As chairman of the commission, commissioners and employees can not invest
in the capital market. So, there is no BO account in the name of the chairman
and his family member. So they do not invest in any listed or unlisted
companies. So, there is no basis for embezzlement of IPOs money.
BSS/PR/KUC/KU/2000 HRS