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Over two decades now gone by, the securities regulator has initiated revival of all the 17 cases filed regarding the 1996 and 2010 stock-market scams that rattled bustling bourses.
The trial proceedings in the cases have stalled although 27 years have already elapsed, reports an FE court writer as the Bangladesh Securities and Exchange Commission (BSEC) now takes initiative to resurrect the cases.
The commission has already given instructions to its lawyers who are conducting the cases for taking necessary steps for holding hearings, according to an official note issued by Md Mahbubur Rahman Chowdhury, Executive Director of the Law Division of the BSEC.
In the meantime, the official has sent the upgraded information of the cases to the Ministry of Finance.
As proceedings go, within four months of the then Awami League government coming to power in 1996, a terrible scandal took place on the stock market. A band of unscrupulous businessmen ripped off billions from the common investors by artificially increasing the share prices.
The BSEC filed 15 cases against 38 individuals, eight listed companies and six brokerage firms on charges of "manipulating share prices by fraudulent means" in 1996. After a long gap the BSEC has now moved to revive these dormant cases.
Among the 15 cases, three were settled with Metropolitan Session Judges' Court in Dhaka. One case filed against Rupan Oil & Feeds Ltd was disposed of on March 30 in 2011 as accused Nuronnobi died. The Session Judge's court acquitted accused in two other cases filed against Sea Foods Industries Ltd and others, and Apex Foods Ltd and others.
The BSEC later filed two criminal revision petitions with the High Court against the verdict of the Session Judge's court. The watchdog has asked its lawyers to take initiatives for holding hearing of the cases in the High Court.
Four cases were settled by a special tribunal in Dhaka. The special tribunal handed down conviction to the accused in one case and acquittal to the accused in three cases. However, the convicts-Md Maskur Rasul and Iftekhar Mohammad-have been on the run.
The BSEC filed criminal appeal with the High Court in the remaining three cases in which the accused got acquitted from the special tribunal. On August 28 this year, the commission requested its lawyers to take initiative for holding hearing of the cases pending with the High Court.
Three cases, filed against Shinepukur Holdings Ltd, Salman F Rahman, Asif F Rahman, AB Siddiqur Rahman, Beximco Pharmaceuticals, DH Khan, AKM Shamsuddoha and Doha Securities Ltd, were quashed by the High Court in 2017 and 2012. Later, the BSEC filed criminal appeals with the Appellate Division of the Supreme Court against the High Court orders, which are also now pending.
The High Court issued stay orders on the trial proceedings of remaining five cases filed against First Capital Securities Ltd and Rizwan Bin Faruq, SES Company Ltd, Runa Alam, Sabet Siddique, Mashiur Rahman and Onu Zaigirdar, Olympic Industries Ltd, Imtiaz Hossain and Companies, and others.
Two cases were filed over the stock-market scam that took place in 2010. The High Court also stayed the trial proceedings of the cases.