Doreen Power top officials, associates fined Tk 25 lakh for share price manipulation

Staff Correspondent | Updated at 11:13pm on August 14, 2018

The Bangladesh Securities and Exchange Commission on Tuesday fined a number of senior officials and associates of Doreen Power Generation Limited Tk 25 lakh in total for share price manipulation by flouting insider trading rules.
The decision came at a commission meeting presided over by its chairman M Khairul Hossain, said a BSEC press release.
An investigation run by the commission found that a number of Doreen Power officials and its associates traded shares of the company before publishing the price sensitive information and during prohibition period, it said.
Therefore, the commission fined Wahiduzzaman Khan, deputy general manager of Dhaka Northern Power, a subsidiary of Doreen Power, and Chowdhury Farah Naz Samia, wife of Doreen Power director Mostafa Moin, Tk 10 lakh each.
The BSEC also fined Doreen Power chief financial officer Afroz Alam, independent director Mahtab Bin Ahmed, company secretary Masudur Rahman Bhuiya, general manager Iqbal Hossain and senior general manager Fazley Elahi Khan Tk 1 lakh each for their role in the share price manipulation.
The commission also warned investors Bishwajit Das and his associates, Yakub Ali Khandaker and his associates, Ifad Group, Md Fazlur Rahman Jamali, Prime Islami Securities Ltd, Anis Uddin and Md Safiqul Islam in this connection.
The BSEC conducted the inquiry on October 30, 2016 to look into some persons’ involvement in unusual and suspicious trading activities involving the shares of Doreen Power.
The share prices of Doreen Power shot up to Tk 141.40 each from Tk 70.60 between October 16 and November 7, 2016 and the commission found that the prices of the company’s shares were manipulated through serial and insider trading.
The BTRC at the meeting also fined Dynamic Securities Consultant Limited Tk 2 lakh as the regulator found deficiency in its consolidated customers’ account.
The BSEC at the meeting decided to issue warning letter to United Airways Limited as the company failed to submit a number of financial statements for the periods of 2016 and 2017 on due time.