Stock market scam report
We congratulate the probe committee for completing its task in good time and handing over its report to the finance ministry. The committee has identified around 100 persons, many of them 'powerful' people, who seem to have been involved in the stock market manipulation. The enquiry, we feel, has established prima facie case against some institutions, companies and individuals of their involvement in the manipulation. The report has come down strongly on the lack of oversight and collusive role of the SEC.
While we laud the finance minister's pledge to bring all those responsible for the debacle to justice, we are a bit confused by his suggestion that the names of those mentioned in the report would be deleted before the report is published, which will be in the next 10 to 15 days.
We understand the minister's commitment to double check the findings of the committee, but if the intention is to re-verify some of the findings of the report, it does not justify deletion of the names of those whose role in the scandal has already been established. We feel that deleting the names established through the probe committee's enquiry is bound to convey the impression that this is being done to protect the culprits and that the veracity of the findings is being questioned. His comments have cast doubts on the Probe Report itself, which is most unfortunate.
It should not be lost on anyone that names of most of all those behind the share market crash is known to the public and no amount of maneuverings will change their views.
The recent share market scam has had tremendous impact on small investors, and the vast portion of the amount of twenty thousand crore that was swindled, and the 15 crore taka siphoned off, belonged to them. There is need to not only expose the culprits involved in the scandalous affair, they must also be brought to book expeditiously, not only for the sake of justice but also for the sake of stability and efficient management and functioning of the stock market.
We demand transparent handling of the report and quick implementation of its recommendations, including punishment of the manipulators.