BSEC Fines Genex Infosys Directors for Share Manipulation
The Bangladesh Securities and Exchange Commission (BSEC) has fined the chairman and eight directors of listed technology company Genex Infosys Limited for manipulating the shares of Sonali Paper and Board Mills Limited, also a listed company.
The decision was disclosed in a press release signed by BSEC Director and Spokesperson Md. Abul Kalam on Wednesday (17 September). The move followed a resolution adopted at the 973rd commission meeting held on Tuesday, presided over by BSEC Chairman Khandaker Rashed Maksud.
According to the release, securities laws were violated through manipulative trading of Sonali Paper shares between December 1 and December 30, 2021. As a result, nine board members of Genex Infosys were fined Tk 10.3 million each. They are: Chairman and Independent Director T.I.M. Nurul Kabir, Vice Chairman Prince Majumder, Acting Managing Director and CEO Shah Jalal Uddin, Director Chowdhury Fazle Imam, Oracle Services Ltd.’s nominated representative Hasan Shahid Sarwar, Director Mohammad Adnan Imam, Director Nilofar Imam, Independent Director Rokeya Islam, and Independent Director Zahurul Syed Bakht.
In addition, Genex Infosys Limited itself has been penalized Tk 25.5 million.
