HC clears way for trial of stockbroker

The High Court yesterday cleared the way for a lower court to continue trial in a case filed over the 1996 stockmarket scam, more than 13 years after the proceedings were stayed.
The accused are all officials of Premium Securities Limited (PSL), a brokerage house -- Managing Director Mashiur Rahman, Chairman Abdur Rouf Choudhury, and directors Sayeed Hossain Chowdhury and Anu Jaigirdar.
Delivering a verdict on four separate petitions, the HC asked the District and Sessions Judge's court, Dhaka, to complete the trial as early as possible after receiving copy of this judgement.
The HC also vacated its earlier order that stayed the case proceedings against the four accused on August 24, 1998.
The bench of Justice M Enayetur Rahim and Justice Sheikh Md Zakir Hossain yesterday came up with the verdict after rejecting four separate petitions filed by the accused for quashing the proceedings against them.
Securities and Exchange Commission (SEC) filed the case with the CMM court, Dhaka on April 2, 1997 saying that the accused were involved in fraudulent activities between July and December of 1996 in violation of Section 17 of the Securities Ordinance 1969. It was detected by an enquiry committee, Safayat Sultana Rumi, a counsel for the petitioners, told The Daily Star.
The CMM the same day took the charges into cognisance and issued warrant of arrest against the accused, she said.
Following four petitions moved by the accused, the HC in 1998 stayed the proceedings of the case and issued separate rules asking the SEC to explain why the proceedings of the case should not be quashed.
The HC yesterday delivered the verdict after holding hearing on the rules for the last two days.
Pronouncing the verdict, the HC observed that the trial court, on the basis of evidence and documents, would decide whether the accused are guilty or innocent.
Therefore, the HC should not interfere with the proceedings of the trial court, it added.
Lawyer AKM Ali appeared for the SEC during yesterday's hearing. He said over the much-hyped 1996 share scam, there are 13 other cases currently pending with different courts.