 | Govt to publish share market scam probe report sans names
08 April, 2011
Finance Minister AMA Muhith said on Thursday that the government would publish the probe committee report on the recent share market scam excluding the names that appeared in the report as being responsible for the stock market manipulation.
He said a further investigation may take place to 'clearly identify' the culprits -- those who have been shown responsible in the probe report.
"We will publish the probe committee report on share market scam deleting the individuals' names," Muhith said at a press briefing, held at the finance ministry's conference room.
The newsmen covering the briefing hurled a volley of questions at Mr Muhith soon after he had said the government would not publish the names of individuals which appeared in the probe report in connection with the share market manipulation.
The finance minister, taking a pause, said the probe committee had not had enough time to identify the culprits for sure.
"The probe committee suggested us for being more sure about the wrongdoings of the individuals made responsible in the report before proceeding for any action against them," Mr Muhith told the reporters.
"We cannot publish any name now as an individual, who has been blamed in the report, because he may not be found really 'involved' in a further or final investigation," he added.
Responding to a number questions about his indifferent stance on individuals, the finance minister said he may publish the names after becoming sure of the involvement of certain individuals for the capital market scam.
Mr Muhith turned down the allegation of taking any political decision by the incumbent government on concealment of the names of persons responsible for the share market manipulation.
Responding to another question, the minister said there is no connection between share market scams of 1996 and 2011.
He said he was yet to go through the probe report.
The probe committee, headed by the Chairman, Bangladesh Krishi Bank, Khondkar Ibrahim Khaled, submitted its report to the finance minister Thursday morning.
Replying to a query after submitting the report, Mr Khaled said that businessmen might have taken some illegal advantage of close relationship with people in power.
The committee, formed on January 25, was given 3 months' time to prepare the report. It, however, finished the report about a month before the deadline.
The report mentioned bad decisions by the regulator as being largely responsible for the market volatility.
Citing the report, Mr Muhith said the report has suggested cancelling the direct listing method for companies except public institutions. The probe report is also of the view of keeping the face value of the remaining companies at Tk 10, he added.
"The report suggested to bring reforms in the existing system of book building and reconstitution of the Securities and Exchange Commission (SEC)," the minister told the reporters.
He declined to make any comment relating to taking actions against the officials of SEC as the report has blamed the securities regulator for being largely responsible for and involved in share market manipulation.
"I did not go through the report," was the comment of the minister on the particular question.
Furthermore, the finance minister, referring to the committee report, said it has suggested abolishing the Omnibus Account Maintaining system being practised by Investment Corporation of Bangladesh (ICB) as manipulators could not be identified under the system.
Release link:http://www.thefinancialexpress-bd.com/more.php?news_id=131900&date=2011-04-08
|
|
|
