2024-03-28 15:05:27
The deputy registrar of the Directorate of Cooperatives and prominent share trader Abul Khair Hiru and his associates have been fined Tk 20 lakh on the charge of manipulation with the shares of Genex Infosys, a company listed in the information and technology sector in the capital market.
There was a buzz in the capital market for a few years – the shares of Genex Infosys, a listed company in the information and technology sector, are being manipulated. The share price has been inflated not because of improvement in the business and financial condition of the company, but through manipulation. Finally, Bangladesh Securities and Exchange Commission (BSEC), the regulatory body of the capital market, has identified those involved in the company’s share manipulation and brought them under punishment.
In the commission meeting held in the second week of this month, subject to the proof of manipulation, the commission decided to punish Abul Khair Hiru and his associates with fine.
Analysis of the data shows that on October 22, 2022, the share price of Genex Infosys was Tk 68. Within a month, the price of the company’s share was manipulated and increased to Tk 116.
Earlier, in February 2022, BSEC fined Abul Khair Hiru and his associates Tk.
Meanwhile, the commission fined Abul Khair Hiru and his associates Tk.
Before that, Abul Khair Hiru, wife Kazi Sadia Hasan as his accomplice, father Abul were accused of manipulating the shares of IPDC, BDCOM Online, One Bank, Fortune Sue, NRB Commercial Bank, Asia Insurance, Green Delta Insurance and Dhaka Insurance from February to August 2020. Kalam Matbar, sister Kanika Afroz, brother-in-law Kazi Farid Hasan, his company Monarch Holding, DIT Co-operative and Desh Ideal Trust were fined a total of Tk 12.39 crore by the BSEC.
Kazi Sadia Hasan, wife of Abul Khair Hiru, investor of City Brokerage. A.G. Mahmud, the investor of the same brokerage house and his brother. Saif Ullah and DIT Cooperative have been fined several times. All of them are involved in share trading and work as associates of Abul Khair Hiru.
Incidentally, Genex Infosys Limited is the largest call center service provider in Bangladesh. The company was listed in the capital market in 2019. The paid up capital of this ‘A’ category company is Tk 120 crore 45 lakh. According to that, the number of shares of the company is 12 crore 4 lakh 50 thousand 21. As of February 29 of the last financial year, the company’s entrepreneurial directors held 30.05 percent, institutional investors 24.93 percent, foreign investors 0.04 percent and general investors 44.98 percent.
On Wednesday (March 27), shares of Genex Infosys Limited were last traded at Tk 60.10. The company last paid 6 percent cash and 4 percent bonus dividend to investors in 2023.