The Bangladesh Securities and Alternate Commission (BSEC) has fashioned a committee to probe into irregularities within the asset administration company, Strategic Fairness Administration Miniature (SEML), owned by Chowdhury Nafeez Sarafat and his accomplice.
The capital market regulator fashioned the committee the day before on the present time (17 September) to be headed by BSEC Extra Director Md Emdadul Haque, its Deputy Director Rafiqun Nabi and Assistant Director Md Abu Hena Mostafa.
According to the regulatory agency sources, Nafeez, also pale chairman of Padma Bank, drained Tk245 crore from the rip-off-hit financial institution to the asset administration company SEML.
A BSEC notification, in this regard, said the committee has been tasked to submit a story to this discontinue within 60 working days after making an are attempting into the next.
It shall see whether or no longer the investments of “Different Funding Fund of Bangladesh” since inception to reveal date were in compliance with the funding parameters as per the BSEC’s laws and constitutive documents.
The committee will catch and discover real evidence in opposition to all investments of the fund and discover the battle of interest that arises from funding with a connected particular person of the fund manager and the trustee.
This is able to also catch all dependable financial institution statements of the fund from the inspection date to the disclose date and make obvious balance on the top of accounting years, and catch real evidence of interest/profits obtained from time length deposits and varied balances with banks/financial institutions over the lifetime of the fund.
The probe will catch and analyse real evidence of dividend/capital manufacture obtained from investments in listed securities and non-listed securities since inception to reveal date, and analyse and narrative working bills of the fund including BSEC annual price, administration price, trustee price and varied costs of the fund since inception to reveal date.
This is able to also build evidence with appreciate to illicit funds (if any) out of financial institution accounts of the fund to the advantages of the fund manager and varied parties from the inception to the disclose date.
The BSEC officers will narrative on the role of fund manager and trustee within the governance and oversight of the fund in compliance with connected guidelines and constitutive documents and any varied issues as required by the enquiry officers.
