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The board of the Chattogram Stock Exchange (CSE) has sent the bourse’s managing director Mamun-Ur-Rashid on forced leave for a month and sought approval from the regulator to remove him for misuse of power.
The board has already assigned the bourse’s general manager Md Ghulam Faruque to play the role of the acting managing director.
Rashid joined the CSE on February 4 last year for a four-year term.
“We have taken the decision based on some serious issues, including the unethical use of the CSE’s asset,” said a board member, preferring anonymity.
The decision came at the board meeting on September 16.
A top official of the Bangladesh Securities and Exchange Commission confirmed that it received the CSE’s letter and analysed all the facts.
Earlier, the Anti-Corruption Commission (ACC) took legal actions against Rashid for his alleged involvement in irregularities in giving out loans to a firm when he was the managing director of Standard Bank.
“Such activities left a bad impact on the bourse and tarnished the stock exchange’s image. So, we took the decision,” the board member said.
ACC Assistant Director Muhammad Zoynal Abedin filed the case against Rashid and seven others for allegedly embezzling about Tk 4 crore from the bank.
According to the case statement, the accused sanctioned the loan of Tk 4 crore to little-known Sachatan Shahajjo Sangstha between November 2017 and June 2018.
Rashid could not be reached for comments.
(TDS)
