Economic Reporter :
The board of directors of the Chattogram Stock Exchange (CSE) has sent the bourse’s managing director, Mamun-Ur-Rashid, on forced leave for a month and sought approval from the stock market regulator to suspend the official for misuse of power.
The board has already assigned the bourse’s general manager, Md Ghulam Faruque, to play the role of its acting managing director.
Rashid joined the CSE on February 4 last year for four years.
“We have taken the decision based on some serious issues, including the unethical use of the CSE’s asset,” said a board member, preferring anonymity.
The decision came in the board meeting held on September 16.
On the other hand, the Anti-Corruption Commission (ACC) took legal action against Mamun-Ur-Rashid this year for his alleged involvement in giving loan to a firm when he was managing director of Standard Bank.
“Such activities left a bad impact on the bourse and tarnished the stock exchange’s image. So, we took the decision,” the board member said.
ACC’s Assistant Director Muhammad Zoynal Abedin filed the case against Mamun-Ur-Rashid and seven others for allegedly amassing about Tk 4 crore of the bank on February 4.
According to the case statement, the accused in collaboration with each other sanctioned loan of Tk 4 crore to the only paper-based organisation Sachetan Sahajjo Songstha. The incident took place between November 2017 and June 2018.
A top official of the BSEC confirmed that it received the CSE’s letter and analysed all the facts.
Despite repeated attempts, Mamun-Ur-Rashid could not be reached for comments over phone.
