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TL;DR
- Bangladesh cricketer Shakib Al Hasan fined Tk50 lakh by BSEC for share price manipulation of Paramount Insurance Company.
- Total fines of Tk1.63 crore imposed on seven investors, including Shakib, for their involvement in the market manipulation scheme.
- BSEC’s 923rd commission meeting on September 24, 2024, resulted in the decision to penalize the involved parties.
- The case highlights regulatory efforts to maintain stock market integrity and hold high-profile individuals accountable for financial violations.
Bangladesh cricket star Shakib Al Hasan has been fined Tk50 lakh by the Bangladesh Securities and Exchange Commission (BSEC) for his involvement in share price manipulation of Paramount Insurance Company. The decision was made during the BSEC’s 923rd commission meeting held on September 24, 2024.
The regulatory body imposed a total fine of Tk1.63 crore on seven investors, including Shakib, for their roles in the market manipulation scheme. Among the other penalized individuals and entities were:
- Abul Khayer Hiru: Fined Tk25 lakh
- Eshaal Communication Limited: Fined Tk75 lakh
- Abul Kalam Matber: Fined Tk10 lakh
- Monarch Mart: Fined Tk1 lakh
- Lava Electrode Industries: Fined Tk1 lakh
- Zahed Kamal: Fined Tk1 lakh
The BSEC confirmed these penalties in a press release issued on the same day. This action by the securities regulator underscores its commitment to maintaining the integrity of Bangladesh’s stock market and holding high-profile individuals accountable for market violations.
Shakib Al Hasan, widely regarded as one of Bangladesh’s most prominent cricketers, has found himself embroiled in controversy off the field. This fine comes at a time when the cricketer has been facing increased scrutiny following recent political changes in the country.
The case highlights the ongoing challenges faced by regulatory bodies in curbing market manipulation and ensuring fair trading practices in Bangladesh’s evolving financial markets. It also serves as a reminder that even celebrated public figures are not exempt from financial regulations and can face significant penalties for violations.
