The Bangladesh Securities and Substitute Commission (BSEC) has slapped a Tk1 crore fine on ASM Hasib Hasan, managing director of Hami Industries, formerly identified as Imam Button Industries, on a place of share place manipulation that violated securities regulations.
In a assembly held at its region of work on the unusual time, the commission determined to impose the fine.
After a board recasting, the old commission led by its chairman Shibli Rubayat Ul Islam made Hasib as managing director of the company. It appointed some self reliant directors to the board of Imam Button Industries.
To starting up with, Imam Button used to be a subsidiary of Chattogram-primarily primarily based Imam Community, and it has been non-purposeful since fiscal year 2018-19.
Later, the commission reconstituted its board in February 2023 appointing Professor Mohammad Sogir Hossain Khandoker, Md Mahamud Hosain, and Mohammed Masum Iqbal as self reliant directors.
Later, in August 2023, Imam Button, a producer of buttons for ready garment industries, resumed its operation because it expanded its footprint in agro-initiatives.
In December, it entered into a tannery industrial on its factory premises in Chattogram.
In March this year, Imam Button modified its establish to Hami Industries PLC.
Essentially primarily based totally on the Dhaka Stock Substitute (DSE), Hami Industries shares place reached its peak in November final year internal two years. On 22 November 2023, its share place rose to Tk213.8 every.
And then, on 28 November, the BSEC urged the DSE to analyze the recurring magnify in its share place.
At that time, the commission, in a press starting up, highlighted that its surveillance department noticed a mighty 85% surge in Imam Button’s share place, reaching Tk194.10 apiece between 7 September and 26 October of 2023.
Deeming this place circulation as recurring, the BSEC called for scrutiny of the trading activities of the company to win out if any manipulation had taken region.
Contacted by TBS, Hami Industries MD Hasib stated, “I didn’t uncover any letter on this regard.”
He added, “To my recordsdata, I actually hold not manipulated shares. After I sold the shares, I knowledgeable the commission straight away. If I uncover a letter, I might know the main points.”
