Shakib Al Hasan fined Tk 50 lakh for share price manipulation

Cricketer Shakib Al Hasan has been fined Tk 50 lakh by the Bangladesh Securities and Exchange Commission (BSEC) over manipulating share prices of Paramount Insurance Company Limited.

This decision was made at the BSEC’s 993rd meeting held on Tuesday, said BSEC director Farhana Faruqui after the meeting.

In a press release, BSEC said that in addition to Shakib, Abul Khair Hiru was fined Tk 25 lakh, Ishal Communication Limited Tk 75 lakh, Monarch Mart Tk 1 lakh, Abul Kalam Matbar Tk 1 lakh, Lava Electrode Industries Tk 1 lakh, and Zahed Kamal Tk 1 lakh.

BSEC said that a total of Tk 1.63 crore in fines was imposed on all of them for share price manipulation of Paramount Insurance Company.

However, the press release did not specify when or how the manipulation occurred.