BSEC fines start cricketer Shakib Al Hasan Rs 35,00,138.66

Claimed allegations of manipulations against him established

IH News Desk

SOUTH ASIA, September 24, 2024: Bangladesh’s star cricketer Shakib Al Hasan has been fined Taka 5 million (Rs 35,00,138.66) by the Bangladesh Securities and Exchange Commission (BSEC) for alleged stock market manipulation. The fines were imposed on those involved in manipulating the share price of Paramount Insurance Company Limited.

Others involved in the manipulation include a government official, some individuals and a number of stockbroker agencies. Shakib was made a goodwill ambassador in 2017 and accused of market manipulation in 2022.

The regulator investigated the allegations through the accounts of companies he personally owned or had a stake in. Shakib, considered Bangladesh's one of greatest cricketers, entered the stock market by opening brokerage house Monarch Holdings through a joint partnership.

The Dhaka Stock Exchange, the stock market regulator, has launched an investigation into the unusual surge in share prices of multiple companies, such as One Bank, BDCom, Sonali Papers and Fortune Shoes. The investigation involves Shakib, the primary regulator and his company Monarch Holdings.

Cricketer / Stock Market / Share /

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