Staff Reporter :
The Anti-Corruption Commission (ACC) has opened an investigation into embezzlement and money laundering by the Bangladesh Securities and Exchange Commission (BSEC) Chairman M Khairul Hossain for amassing huge wealth by approving the Initial Public Offerings (IPO) of weak companies.
ACC Assistant Director Mamunur Rashid Chowdhury opened the inquiry on Wednesday.
The ACC has received allegations that M Khairul Hossain had given approvals to 88 IPOs during his eight years, most of which had been of poor grade. Most of these companies had received their IPO approvals by submitting forged income statements and annual financial statements to the BSEC that showed inflated profit figures. Several substandard companies endorsed IPOs on securities’ regulators displaying high profits on annual financial statements with false information during his tenure. After listing, the share index of most of the companies started to go down. It is also alleged that the companies’ earlier earnings reports were fake. Relatively, ordinary investors have been protesting for the demand of resignation of Khairul Hossain after the continuing downturn index in the stock market.
The Anti-Corruption Commission (ACC) has opened an investigation into embezzlement and money laundering by the Bangladesh Securities and Exchange Commission (BSEC) Chairman M Khairul Hossain for amassing huge wealth by approving the Initial Public Offerings (IPO) of weak companies.
ACC Assistant Director Mamunur Rashid Chowdhury opened the inquiry on Wednesday.
The ACC has received allegations that M Khairul Hossain had given approvals to 88 IPOs during his eight years, most of which had been of poor grade. Most of these companies had received their IPO approvals by submitting forged income statements and annual financial statements to the BSEC that showed inflated profit figures. Several substandard companies endorsed IPOs on securities’ regulators displaying high profits on annual financial statements with false information during his tenure. After listing, the share index of most of the companies started to go down. It is also alleged that the companies’ earlier earnings reports were fake. Relatively, ordinary investors have been protesting for the demand of resignation of Khairul Hossain after the continuing downturn index in the stock market.
