Tribunal gives all-clear to Sabinco's former MD
A special tribunal yesterday acquitted Md Kutubuddin Ahmed, former managing director of Saudi Bangladesh Industrial and Agricultural Investment Company or Sabinco, who was accused in a case tied to stockmarket frauds in 2000.
Judge Humayun Kabir handed down the verdict as the charges against Ahmed were not proven, said Masud Rana Khan, a lawyer for Bangladesh Securities and Exchange Commission, which filed the case in 2002.
Ahmed traded in shares through several brokerage firms in a bid to manipulate the prices, according to allegations in the case. He bought and sold same shares to and from different brokerage houses on the same day.
Also, Ahmed had been accused of illegally using Sabinco's funds to trade in shares.
But the plaintiff and his witnesses failed to prove the charges that were brought against Ahmed.
This was the fifth case resolved by the special tribunal since it started functioning in July.
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