[🇧🇩] Bangladesh cricketer Shakib fined Tk 50 lakh for manipulating share prices

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Source : https://www.newagebd.net/post/stocks/246065/bangladesh-cricketer-shakib-fined-tk-50-lakh-for-manipulating-share-prices

Bangladesh cricketer Shakib fined Tk 50 lakh for manipulating share prices
Staff Correspondent 24 September, 2024, 16:34

Shakib Al Hasan | UNB/ Collected photo

The Bangladesh Securities and Exchange commission on Tuesday fined cricketer Shakib Al Hasan, Abul Khayer Hiru and their associates Tk 1.63 crore for manipulating share price of Paramount Insurance Company Ltd.

The stock market regulator in a meeting imposed the fines. Market analysts said that it was unprecedented that a cricketer has been punished for stock market manipulation.

Shakib and Hiru had been in discussion for share market manipulation since former BSEC chairman Shibli Rubayet Ul Islam joined the commission.

Shakib is chairman of Monarch Holdings Ltd and its managing director is Kazi Sadia Hasan, wife of the controversial stock market manipulator Abul Khayer Hiru.

However, the BSEC had avoided naming Shakib in any investigation report for the sake of country’s reputation as he is a renowned international cricketer.

The BSEC fined Shakib Tk 50 lakh and Abul Khayer Hiru Tk 25 lakh.

Hiru’s father Abul Kalam Matber was fined Tk 10 lakh, Zahed Kamal Tk 1 lakh, Eshaal Communication Limited Tk 75 lakh, Monarch Mart Tk 1 lakh, and Lava Electrode Industries Tk 1 lakh.

Abul Khayer Hiru also owns the Monarch Mart.

According to the BSEC, the company’s share prices were manipulated for about a month from August 17 to September 19 in 2023.

According to the data of Dhaka Stock Exchange, the market price of the Paramount Insurance’s shares increased to Tk 77.1 from Tk 41.3 during the mentioned timeframe.

Shakib Al Hasan, Abul Khair Hiru and the mentioned individuals and institutional investors manipulated the prices which caused the sudden spike in the value of the company›s shares.

A complaint was lodged with the Anti Corruption Commission on August 29 alleging Shakib’s involvement in various corruptions including share market manipulation.

In the complaint made to the ACC, it was mentioned that Shakib had embezzled a total of Tk 104 crore through manipulation of shares of six companies.

It said that the complaint was investigated by the Dhaka Stock Exchange in which the transaction information and involvement of Shakib›s BO account was found.

In the complaint, Shakib Al Hasan was mentioned as an associate of share prices manipulator Abul Khayer Hiru, a controversial government jobholder.

Abul Khayer Hiru was fined on March this year also for manipulation of share prices, but no action was taken against Shakib Al Hasan as no evidence was found against him.

However, the regulatory body BSEC removed Shakib from the goodwill ambassadorship due to controversy after the recent change in political scenarios on August 5.

Earlier, the BSEC fined Abul Khayer a total of Tk 10 lakh for manipulating share prices of Genex Infosys.

In June 2022, the BSEC fined Abul Khayer over Tk 2 crore for manipulating shares of Asia Insurance, Bangladesh National Insurance and Green Delta Insurance.

Shakib Al Hasan is currently playing for the Bangladesh cricket team in Bangladesh vs India series in India. Also a former member of the parliament, he has been staying abroad since the fall of the Awami League led government.​

 

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ECB suspends Shakib for illegal bowling action

Bangladesh all-rounder Shakib Al Hasan has been slapped with a suspension by the England and Wales Cricket Board (ECB) after his bowling action was found to be illegal at independent testing at Loughborough University earlier this month, reports ESPNCricinfo.

www.thedailystar.net

ECB suspends Shakib for illegal bowling action

Shakib Al Hasan. Photo: AFP

Bangladesh all-rounder Shakib Al Hasan has been slapped with a suspension by the England and Wales Cricket Board (ECB) after his bowling action was found to be illegal at independent testing at Loughborough University earlier this month, reports ESPNCricinfo.

This suspension, which officially began on December 10, would not allow Shakib to bowl in any competition organised by the ECB.

According to section 11.3 of ICC Regulations for the Review of Bowlers Reported with Suspected Illegal Bowling Actions, ICC and and other cricket boards can also enforce this suspension. The section 11.3 states that "In circumstances where a National Cricket Federation suspends a player from bowling in domestic cricket under its own rules, where such suspension is imposed on the basis of an analysis of the respective player conducted by an Accredited Testing Centre and in accordance with the Standard Analysis Protocols, such suspension shall be respected and enforced by the ICC in International Cricket and all National Cricket Federations in respect of domestic cricket under their jurisdiction automatically upon receipt of notice of the same, without the need for any further formality. The ICC and National Cricket Federations shall take all steps legally available to them to enforce and give effect to such decisions".

Shakib, who has not played international cricket for Bangladesh since the series against India in September-October, will have to pass an independent assessment and prove that his degree of elbow extension is below the 15-degree threshold laid out in the regulations in order to overturn the ban.

The left-arm spinner's action had been called into question by the umpires during his lone appearance for Surrey against Somerset in the County Championship between September 9-12.

Shakib had bowled more than 63 overs in that fixture and claimed nine wicket. Even though he was not no-balled at any stage for throwing, the on-field umpires Steve O'Shaughnessy and David Millns, subsequently deemed his bowling action to be suspect.

The all-rounder is currently in Sri Lanka, taking part in the Lanka T10 for Galle Marvels.​

 

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Arrest warrant issued against Shakib in cheque dishonour case

A Dhaka magistrate court on Sunday issued an arrest warrant for cricketer and former Magura-2 constituency lawmaker Shakib Al Hasan and another individual in a cheque dishonour case.

www.newagebd.net

Arrest warrant issued against Shakib in cheque dishonour case
Staff Correspondent 19 January, 2025, 16:45

Shakib Al Hasan | UNB Photo

He is accused in cheque dishonour case

A Dhaka magistrate court on Sunday issued an arrest warrant for cricketer and former Magura-2 constituency lawmaker Shakib Al Hasan and another individual in a cheque dishonour case.

Additional Chief Metropolitan Magistrate Ziadur Rahman passed the order as both failed to appear before the court on the scheduled day.

The court also set March 24 for submitting a report on the execution of the arrest warrant.

Another accused in the cheque dishonour case, Imdadul Haque, surrendered before the court on the day and was granted bail, said the court’s bench assistant Atikur Rahman.

The case was filed by IFIC Bank Limited relationship officer Shahibur Rahman on December 15, 2024 against four individuals, including Shakib Al Hasan, with the Dhaka Chief Metropolitan Magistrate Court.

After recording the complainant’s statement, additional chief metropolitan magistrate Mahbubul Haque summoned the four accused to appear before the court on Sunday.

The four accused are Shakib Al Hasan, chairman of Shakib Al Hasan Agro Farm Limited, Gazi Sahagir Hossain, managing director of the company, and Imdadul Haque and Malaika Begum, its directors.

According to the case documents, Shakib Al Hasan Agro Farm Limited authorities took loans from the Banani branch of IFIC Bank on different occasions for business purposes.

Later, the company issued the bank two cheques for Tk 4.15 crore in total against the loans, but the cheques were dishonoured due to insufficient funds.​