[ALOCHONA] All-in-the-family trading to fore

All-in-the-family trading to fore

Dhaka, Apr 11 (bdnews24.com) — The stocks probe committee has found evidence of artificial hiking of share prices through syndicated trading.

The committee outlined three cases where trade between accounts of close relatives or multiple organisations owned by an individual led to overpricing of shares of People's Leasing and Financial Services Limited (PLFSL).

Bangladesh Krishi Bank chief Khondker Ibrahim Khaled – led probe body pointed out that a section of traders hyped share-splitting and managed to hike share prices through internal bulk transactions.

The Report : http://av.bdnews24.com/file/all/report.pdf

The market value of shares continued to rise, thus allowing the manipulators to reap benefits by selling off the shares at inflated prices.

The investigators traced internal trade worth Tk 60.3 million between Syed Sirajuddaula, his wife Rasheda Akter and account-introducer Habibur Rahman from Sep 15 to Nov 4, 2010 through PFI Securities brokerage house.

The report also outlined similar syndicated efforts by Yukub Ali Khandker, his daughter Sarah Khandker and brother Yasin Khandker via Prime Bank Securities. Their internal trade from Sep 6 to Oct 24, 2010 amounted to Tk 29.3 million.

Meanwhile, trade by three organisations owned by Anwar Hossain Khan—Anwar Khan Modern Hospital, Modern Farm Industries and Hazi Shakhawat Anwar Eye Hospital—amongst themselves between Sep 2 and Oct 24, 2010 led to the price hike of PLFSL shares.

The first two organisations were clients of Prime Finance and Investment Limited, while the third traded shares through National Bank.

http://bdnews24.com/details.php?id=192608&cid=2

http://av.bdnews24.com/file/all/report.pdf

__._,_.___

[Disclaimer: ALOCHONA Management is not liable for information contained in this message. The author takes full responsibility.]
To unsubscribe/subscribe, send request to alochona-owner@egroups.com

Your email settings: Individual Email|Traditional
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch to Fully Featured
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe

__,_._,___