DHAKA: Special Tribunal is going to be set up soon for speedy disposal of 17 cases filed for share manipulations. The principal actors are going to face the trial on charge of making thousands of share holders penniless.
These cases were filed on charge of causing collapse in the share market in two phases in 1996 and in 22011-12. Of these 15 cases of 1996 and the last two cases of 2011-12 have been hanging for the last 17 years. There are 40 accused persons in these cases.
In 1996, 15 cases were filed against the persons for manipulating share market and two cases were filed against in 2011.
After the new government steps in the process of constituting the tribunal is progressing speedily. The file movement for appointing judges has started. A responsible officer has informed that an official of the Ministry of Law is going to be appointed as a judge.
This trial will be held under the law of Securities and Exchange of 2012. The law has been framed in the light of the relating the laws of Securities and Exchange law of 1969.
Concerned people are of opined that there is a hope of disposal of the pending cases due to speedy formation of the tribunal. Their expectation is that the actors will be placed before the tribunal and they will be punished accordingly.
Particularly the people who lost everything in the artificial manipulation are expecting greatly.
Supreme Court Registrar AKM Shamsul Islam informed Banglanews, the file of appointing the tribunal judges are now laying in the Supreme Court. As a member of general administration (GA) is sick , the approval is being delayed. But I hope that the matter will be approved in the GA committee meeting as soon as that member will be alright.
SEC lawyer Dr. Abul Kashen Mohammad Ali told Banglanews about the matter that he has heard about appointing judges of the tribunal for conducting trial. This lawyer thinks that the trial process will be beneficial for keeping the deposits of common investors.
The analysts of this sector observe it as a positive step for the possible trial of the manipulator actors. According to their opinion if the manipulators’ punishment is ensured then in future none will try to play with the fate of the investors.
Dhaka University teacher and share market specialist Dr. Abu Ahmed told Banglanews, ‘the manipulators are taking advantages of manipulations as they are going unpunished time and again. The government’s initiative to constitute tribunal is very much positive.’ He hopes that the manipulation actors’ punishment is ensured then there will be no repetition of manipulation.
In 1996, under 17(24) sections of Securities and Exchange ordinance 1969, 15 cases were instituted accusing 32 persons. Besides, two cases were also instituted against the persons involved in the December 2010 and January 2011 share market scandal against five persons. There are big share market manipulators in list of the accused persons.
Thousands of Dhaka Share market common investors were thrown on the streets penniless in 2010-11 manipulation. There were incidents of suicide even by some who lost everything. This time the collapse in share market was immense. More sensational information was revealed in the enquiry reports of the committee formed after the collapse. The people also came to know about main actors. The actors were all known to all.
The common investors hope that these actors would be given exemplary punishment.
BDST:1401 HRS, FEB 04, 2014
