ACC to probe ‘graft charges’ against BSEC chief

Staff Correspondent

23 August, 2019 12:00 AM printer

The Anti-Corruption Commission (ACC) has initiated an investigation to probe corruption allegations against Bangladesh Securities and Exchange Commission (BSEC) Chairman M Khairul Hossain.

The anti-graft body appointed its Assistant Director Mamunur Rashid Chowdhury on August 7 as inquiry officer for carrying out the probe against the BSEC chairman over graft allegations.  The ACC has initiated the probe into complaints about money laundering and fund embezzlement through approving initial public offerings of weak companies against the chief of the stock market regulatory body.

According to an ACC letter issued on August 7, the commission received complaints that Khairul in collusion with some quarters had embezzled money through approving low-profile companies’ IPOs and selling shares on the stock market.

Details of the complaints, however, could not be known. The ACC asked Mamunur to secretly collect documents relating to the complaints. The commission also asked him to complete the probe and submit a report to the commission as soon as possible.

Khairul Hossain, also a professor of the Department of Finance at Dhaka University, was appointed as the BSEC chairman on May 15, 2011. His term was subsequently extended for four years in 2014 and for a further two years in 2018.

When asked, ACC inquiry officer Mamunur Rashid refused to comment on the issue while the commission’s spokesman Pranab Kumar Bhattacharjee also did not comment on the issue.