The Bangladesh Securities and Exchange Commission (BSEC) has fined 53.25 crore taka for the manipulation of Orion Infusion Limited’s share prices. Investors Shahadat Hossain and his associates have been penalized for their involvement in this scheme.
This decision was recently made, following the manipulation of the company’s share price by nearly 121.10 taka within just two and a half months.
According to BSEC data, on November 29, 2023, the share price of Orion Infusion was 290.70 taka, and by February 19, 2024, the price surged to 411.80 taka. The price increase was achieved through continuous trading, artificially inflating the share value.
Shahadat Hossain has been fined 10.5 crore taka, Md. Abu Yusuf 7.4 crore, Md. Khokon Mia 6.7 crore, Md. Jasim Mij 5.5 crore, Parvez Hossain 5 crore, Md. Rahim Badsha 4.5 crore, Jamal Hossain 4.5 crore, Azad Gazi 4.4 crore, Md. Mahfuzur Rahman 3.5 crore, Md. Mohor Ali 63 lakh, Md. Sirajul Islam 43 lakh, Md. Imam Hossain 1 lakh, Md. Selim 1 lakh, Shakhawat Hossain 1 lakh, Shahabul Ahmed 1 lakh taka for their involvement in the share manipulation. These penalties were imposed under Section 17(E)(5) of the Securities and Exchange Ordinance, 1969.
Additionally, under Rule 4(1) of the Bangladesh Securities and Exchange Commission (Substantial Acquisition of Shares, Takeover, and Control) Regulations, 2018, the following individuals have been fined 1 lakh taka each: Azad Gazi, Jamal Hossain, Md. Abu Yusuf, Md. Imam Hossain, Md. Jasim Mij, Md. Khokon Mia, Md. Mahfuzur Rahman, Md. Selim, Md. Sirajul Islam, Md. Mohor Ali, Md. Rahim Badsha, Parvez Hossain, Shakhawat Hossain, Shahabul Ahmed, Shahadat Hossain.
LND/S H
