Star all-rounder Shakib Al Hasan, who has been away from the cricket field for some time, was recently picked by PSL franchise Lahore Qalandars—bringing a wave of good news for his fans. However, within just 24 hours, he has been hit with a major blow.
The Bangladesh Securities and Exchange Commission (BSEC) has fined the former Bangladesh cricket team captain Tk 22.6 million for his involvement in manipulating the stock price of publicly listed company Sonali Paper.
According to BSEC's enforcement action report for April, Shakib is among 13 individuals fined a total of Tk 290 million for their roles in artificially inflating the company's share prices.
Others Penalised Include:
Abul Khayer (also known as Hiru), Kazi Sadia Hasan, Abul Kalam Matbor, DIT Cooperative, Kazi Farid Hasan, Kazi Fuad Hasan, Kanika Afroze, Sajed Matbor, Mohammad Bashar, Monarch Holdings, Monarch Hotel & Resorts, Softavion, and Javed A. Matin.
BSEC's investigation revealed that from September 30 to October 28, 2021, and again from December 1 to December 31, 2021, this group collaborated to drive up Sonali Paper's stock price artificially. During this period, the share value increased by 126%, reaching Tk 957.70. The group reportedly made a profit of Tk 336.3 million and had the potential for an unrealised gain of an additional Tk 550 million.
The investigation confirmed that the group formed a coordinated network to manipulate the stock, which is a violation of securities laws.
In a written explanation submitted to BSEC on Shakib's behalf, Abul Khayer expressed regret, stating that the actions were not intentional but rather the result of carelessness and lack of awareness. He assured authorities that steps would be taken to prevent such mistakes in the future.
