Abul Khayer Hiru fined for stock manipulation
Abul Khayer Hiru and his associates manipulated the stocks of BDCOM Online and One Bank to influence the stocks prices, according to the probes of Bangladesh Securities and Exchange Commission (BSEC).
The regulator fined Hiru and its associates Tk 3.55 lakh for their gains of Tk 48.5 crore from smanipulation last month.
The BSEC probe said shares of BDCOM Online rose 45 per cent and One Bank soared 59 per cent in its three days' investigation period.
During this period, Abul Khayer Hiru and his associates, including his family members, were involved in the serial trading.
Serial trading is the buying and selling of shares between the same beneficiary accounts in order to impact the share price.
The BSEC also found that Hiru and his associates captured more than 10 per cent shares of both the companies without any disclosure, which is a breach of the securities rules.
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