2024-09-11 14:01:39
Published: 19:57, 9 September 2024 Updated: 19:59, 9 September 2024
The regulatory body Bangladesh Securities and Exchange Commission (BSEC) will investigate the irregularities of two mutual funds listed in the capital market managed by InvestAsia Capital and Asset Management. For this purpose, BSEC has formed a three-member investigation committee. The two funds are InvestAsia Growth Fund and InvestAsia Balance Unit Fund.
Monday (September 9) Director of BSEC. An order signed by Mahmudul Haque has been issued in this regard. This information is known from BSEC sources.
The members of the investigation committee are BSEC Additional Director Mohammad Emdadul Haque, Deputy Director Md. Rafiqunnabi and assistant director. Sakil Ahmed.
According to the order issued by the BSEC, it is in the larger interest of the capital market and general investors to investigate the two funds managed by Sentinel Trustee and Custodial Services Limited and InvestAsia Capital and Asset Management Limited. The inquiry committee whether there has been illegal investment in any of the securities of any of the mutual funds, violation of the fifth schedule of the relevant clauses of the respective trust deeds of the two mutual funds, key management personnel including the MD/CEO of InvestAsia Capital and Asset Management Limited during the tenure of these mutual funds. It will review whether there are any illegal activities.
The order also states, to report on the role of individual external auditors, trustees and custodians of mutual funds; Reporting any contravention of BC 41 of Securities and Exchange Commission Mutual Funds Regulations, 2001; The committee constituted shall investigate the asset managers, trustees, custodians and anyone associated with these mutual funds as required by other (if any) investigating officers to gather relevant documents in support of the findings. The investigation committee has been instructed to complete the investigation within the next 60 working days and submit the related report to the commission.
Incidentally, Hasan Taher Imam and SM Ahsan Habib are in charge of managing the business of InvestAsia Capital and Asset Management. Among them, Hasan Taher Imam is the Chief Executive Officer (CEO) and Managing Director (MD) of Bangladesh Race Management. There are allegations of various irregularities including money laundering against him.
NT/Rafiq