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Premier Bank IPO Scam

SEC to take stern action against lawbreakers

Probe report submitted

Star Business Report
As Securities and Exchange Commission (SEC) started examining the probe committee report on Premier Bank IPO scam, the commission chairman yesterday said SEC will take tough actions against lawbreakers.
The commission chairman will convene a board meeting in the third week of April and adopt a resolution on disciplinary actions. The commission will also send a set of recommendations to Bangladesh Bank (BB) on the basis of the resolution suggesting what action the central bank can take against the Premier Bank management.
The four-member SEC probe committee, formed on February 12 following suspension of a Tk 55 crore initial public offering (IPO) of Premier Bank after detection of numerous fake beneficiary owner's (BO) accounts, formally submitted its report to SEC chairman yesterday.
Talking to newspersons yesterday at his office, SEC Chairman Mirza Azizul Islam said they have four options of taking punitive
actions depending on the nature of the irregularities.
SEC can suspend and cancel licence of depository participants (DPs) and issue manager, impose fine not less than Tk 1 lakh and lodge civil or criminal cases against the culprits, he said. "Individuals or organisations whoever are found guilty, will not be spared."
He said SEC can take actions againstany of its licence holders like DPs and issue managers. As commercial bank is regulated by BB, the central bank will take disciplinary action against the Premier Bank management.
The 65-page probe report covered interviews of officials of the bank, issue manager, Equity Partners Ltd, DP wing of Premier Bank, Anwar Securities and other suspected DPs, SEC chairman added.
Asked about SEC action to check fake BO accounts, he said SEC will soon issue a circular giving a timetable to 160 DPs to comply with rules in opening BO accounts.
When sought his comment on newspaper report that said the SEC report blamed board of directors
and five top management officials of the Premier Bank for the forgery, the SEC chairman declined to comment saying he could not go through the entire report yet.
He said he will leave for Colombo on April 3 to attend a conference of International Organisation of Securities Commissions and after return on April 15, he will convene commission board meeting to discuss the probe report and take resolution.
Meanwhile, BB will conduct a personal hearing of Premier Bank MD Kazi Abdul Mazid on April 2 about a BB show-cause notice on why he should not be removed after the irregularities.
The SEC probe committee has held several directors and five top management officials of Premier Bank including Managing Director Kazi Abdul Mazid, its Vice-president and Manager of Banani branch Syed Nowsher Ali responsible for opening some 32,000 fake BO accounts, sources said.