After the lifetime ban on Salman F Rahman and his son from the stock market by the regulatory body BSEC, share prices of two major Beximco companies — Beximco Pharmaceuticals and Shinepukur Ceramics — dropped significantly. The regulator also fined them over major financial irregularities in bond issuance.
Details are given below:
Beximco Shares Fall After Market Ban on Salman
The Bangladesh Securities and Exchange Commission (BSEC) imposed a lifetime ban on Salman F Rahman, his son Ahmed Shayan Fazlur Rahman, and former BSEC chairman Shibli Rubaiyat-ul-Islam. As a result, the share prices of two Beximco-listed companies — Beximco Pharmaceuticals and Shinepukur Ceramics — fell in the stock market on the very next day.
Salman is the Vice Chairman of Beximco Group and also served as the Private Industry and Investment Adviser to the former Prime Minister Sheikh Hasina.
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Share Prices Drop After News of the Ban
Beximco Pharmaceuticals’ share price dropped by 5.11% and came down to Tk 113.20, while Shinepukur Ceramics fell by 2.90% to Tk 20.10 on the Dhaka Stock Exchange (DSE).
However, the share price of Bangladesh Export Import Company Ltd (BEXIMCO) remained unchanged at Tk 110.10 due to the floor price restrictions.
BSEC’s Announcement on Lifetime Ban
On Wednesday, BSEC issued a press release confirming the ban on the three individuals. The ban was related to irregularities in raising Tk 1,000 crore through a bond named IFIC Amar Bond.
“সালমান, তার ছেলে শায়ান ও বিএসইসির সাবেক চেয়ারম্যান শিবলী রুবাইয়াত-উল-ইসলামের ওপর আজীবনের নিষেধাজ্ঞা আরোপ করা হয়েছে।”
Translation: Salman, his son Shayan, and former BSEC chairman Shibli Rubaiyat-ul-Islam have been banned for life.
Irregularities in IFIC Amar Bond
The controversial bond, although issued by Beximco’s Shripur Township, used the name of IFIC Bank to attract investors — an act the BSEC identified as misleading.
“আইএফআইসি ব্যাংকের নাম ব্যবহার করে বিনিয়োগকারীদের বিভ্রান্ত করা হয়েছে।”
Translation: The name of IFIC Bank was used to mislead investors.
At the time of the bond issuance in 2023, Salman was the Chairman and Shayan the Vice Chairman of IFIC Bank.
Heavy Fines and Allegations of Fraud
BSEC fined Salman Tk 100 crore and Shayan Tk 50 crore for their role in the bond scam. The incident was described as one of the most serious cases of investor fraud involving a bond titled “IFIC Guaranteed Shripur Township Green Zero Coupon Bond.”
“ঘটনাটিকে ‘আইএফআইসি গ্যারান্টিড শ্রীপুর টাউনশিপ গ্রিন জিরো কুপন বন্ড’-সংক্রান্ত বিনিয়োগকারী প্রতারণার অন্যতম গুরুতর ঘটনা হিসেবে অভিহিত করেছে।”
Translation: This incident has been described as one of the most serious cases of investor fraud related to the IFIC Guaranteed Shripur Township Green Zero Coupon Bond.
More Irregularities Found in Green Sukuk
BSEC also found misuse of power and violations of law in another financial instrument issued by Beximco — the Beximco Green Sukuk, which raised Tk 300 crore.
Source: TBS
