Bangladesh Securities and Exchange Commission (BSEC) fined cricketer Shakib Al Hasan and six other individuals and companies for manipulating share price of Paramount Insurance Company Limited.
A total of Tk1.63 crore in fines was handed out to four individuals, including Shakib, and three companies, a BSEC press release on Tuesday.
Shakib Al Hasan was fined Tk 50 lakh while Md Abul Khayer Tk 25 lakh, Eshaal Communication Limited Tk 75 lakh, Abul Kalam Matber Tk 10 lakh, Monarch Mart Tk 100,000, Lava Electrode Industries Tk 100,000 and Zahed Kamal Tk 100,000.
BSEC took the decision in the 923rd commission meeting held its office in the city. This penalty was decided in the commission meeting held on Tuesday.
Earlier, Shakib Al Hasan's name came up in the investigation report of multiple share manipulations. However, the commission led by former BSEC chairman Professor Shibli Rubaiyat-ul-Islam did not fine him, stating that there was no evidence of manipulation.
Earlier, cricketer Shakib Al Hasan's appointment as goodwill ambassador of BSEC's 'Nationwide Investment Education Program' was cancelled. BSEC took this decision by holding an emergency meeting on August 28.
