BSEC opens probe into non-compliance in SEML’s alternative fund
Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
The stock market regulator has formed a committee to investigate potential non-compliance and financial affairs of the ‘Alternative Investment Fund of Bangladesh’ managed by Strategic Equity Management Ltd (SEML).
The three-member panel led by BSEC Additional Director Mohammad Amdadul Hoque and members are Deputy Director Md Rafiqunnabi and Assistant Director Mohammed Abu Hena Mostafa as members.
The enquiry committee has been formed of the greater interest of the capital market and general investors, said the Bangladesh Securities and Exchange Commission (BSEC) in a statement on Wednesday.
“The panel will examine whether the investments of “Alternative Investment Fund of Bangladesh” since inception to the present date were in compliance with the investment parameters of Bangladesh Securities and Exchange Commission (Alternative Investment) Rules, 2015 and constitutive documents,” says the BSEC statement.
The committee will also review conflicts of interest that arise from investment with a connected person of the fund manager and the trustee.
The panel will also examine the bank statements, dividend and capital gain status, reports of operating expenses of the fund, annual fees and other fees.
Other tasks of the committee include identifying breaches of any other matters if any as per required by the enquiry officers, said the statements.
The panel asked to complete the enquiry and submit a report within 60 days from the date of issuance of the order.
The Alternative Investment Fund of Bangladesh, which is a Private Equity Fund, was registered in November 2015. The trustee of the fund is Premier Bank.
Strategic Equity Management was incorporated in 2007 and awarded the Asset Management Company (AMC) license from the BSEC in 2013.
Strategic Equity Management is owned by Anjuman Ara Shahid, who is the wife of controversial businessman Chowdhury Nafeez Sarafat.
Mr Nafeez, former chairman of Padma Bank, reportedly drained Tk 2.45 billion from the scam-hit bank to the asset management company, Strategic Equity Management Limited (SEML).