The Dhaka Stock Exchange, or DSE, has decided to inspect all the listed companies of Beximco Group, which is associated with Salman F Rahman, the former prime minister's advisor on private industry and investment in the ousted Awami League government.
DSE Chairman Hafiz Muhammad Hasan Babu said a team from the department responsible for market observation will conduct the inspection.
They will assess the "operational" activities of the companies, and based on their findings, a recommendation report will be submitted to the regulatory body.
He told bdnews24.com, "We will take action according to DSE regulations based on the condition of the companies."
The news of this action comes just five days after the arrest of Salman, the vice chairman of the leading business conglomerate Beximco Group, during a time when the shares of two of the group's companies and a bond have been continuously declining in the capital market.
Beximco shares are at the floor price, leaving no room for further price drops. Due to a lack of buyers, there has been no trading activity.
However, the shares of IFIC Bank, a listed company where Salman has long served as chairman, have seen fluctuations.
Several DSE officials spoke to bdnews24.com, on condition of anonymity, about the decision to inspect the companies despite their profitability and ongoing operations.
They said the inspection team would assess whether Salman's absence, due to his involvement in a legal case, has led to any changes or obstacles in the management of Beximco Group's companies.
The inspection report will also cover how the companies are managing their business operations, which will be beneficial for protecting the interests of investors.
Currently, three companies from the Beximco Group-Beximco Limited, Beximco Pharma, and Shinepukur Ceramics-are listed on the stock market.
In the past, two other companies, Beximco Synthetics and Bextex, were also public traded but Beximco Synthetics has been delisted while Bextex has merged with Beximco Limited.
Beximco Pharmaceuticals is also listed on the London Stock Exchange. —bdnews24.com
