1996 share scam: 2 textile company officials jailed

In the maiden verdict of the cases filed over the 1996 share market scam, a special tribunal today jailed two top officials of a textile company for four years.

Md Maksud Rasul, managing director of Chick Textiles, and its director Iftekar Mohammad were also fined Tk 30 lakh each.

In default of the fine, they will have to serve six months more in prison.

Judge Humayun Kabir, of a special tribunal formed to deal with stock market scams, passed the order in absentia of the accused.

Bangladesh Securities and Exchange Commission (BSEC) filed the case against the two on charges of manipulation and raising the stock prices in April 2, 1997.

The commission filed a total of 15 cases over the 1996 share market scam. The case of Chick Textiles was the first among them to be disposed in nearly 20 years.