Dhaka: The Bangladesh Securities and Exchange Commission (BSEC) has imposed lifetime bans on Salman F Rahman, former IFIC Bank PLC chairman and Beximco Group vice-chairman, and former BSEC chairman Shibli Rubayat-Ul-Islam, as well as Salman’s son Ahmed Shayan Fazlur Rahman, former IFIC Bank vice-chairman, from participating in the country’s capital market.
According to Bangladesh Sangbad Sangstha, the BSEC has also fined Salman Taka 100 crore and Shayan Taka 50 crore for their involvement in a significant case of investor fraud. The case is linked to the IFIC Guaranteed Sreepur Township Green Zero Coupon Bond, commonly known as the ‘IFIC Amar Bond’.
The decisions were made during the 965th Commission Meeting of the BSEC, chaired by BSEC Chairman Khondoker Rashed Maqsood. The meeting, held on Tuesday in the commission’s meeting room, also resulted in actions against many officials of IFIC Bank, BSEC, and several other entities due to their involvement in the scam.
In an unusual step of self-correction, the regulator has declared Shibli Rubayat-Ul-Islam persona non grata for life for procedural violations related to both the IFIC bond and the BEXIMCO Green Sukuk. Additionally, former commissioner Dr Sheikh Shamsuddin Ahmed has been banned for five years for similar violations.