bdnews24.com :
In the first verdict over the 1996 stock market crash, two top officials of Chic Textiles have been found guilty by a court for share price manipulations.
A special tribunal for stock market-related cases sentenced the company’s Managing Director Md Maksudur Rasul and Director Iftekhar Mohammad to four years of rigorous imprisonment.
They have been also fined by Tk 3 million each, failing to pay which, they will have to spend another six months in jail.
The tribunal delivered its verdict on Monday in absence of the duo.
The stock market regulator SEC filed cases against 15 organisations and 36 individuals over price manipulations, which caused the market to crash in 1996, leaving thousands of investors broke.
The then the Securities and Exchange Commission, now Bangladesh Securities and Exchange Commission, filed a case against the Chic Textile officials on Apr 2, 1997.
In the first verdict over the 1996 stock market crash, two top officials of Chic Textiles have been found guilty by a court for share price manipulations.
A special tribunal for stock market-related cases sentenced the company’s Managing Director Md Maksudur Rasul and Director Iftekhar Mohammad to four years of rigorous imprisonment.
They have been also fined by Tk 3 million each, failing to pay which, they will have to spend another six months in jail.
The tribunal delivered its verdict on Monday in absence of the duo.
The stock market regulator SEC filed cases against 15 organisations and 36 individuals over price manipulations, which caused the market to crash in 1996, leaving thousands of investors broke.
The then the Securities and Exchange Commission, now Bangladesh Securities and Exchange Commission, filed a case against the Chic Textile officials on Apr 2, 1997.
