Will Share Market Scam Report Produce Anything? May 5, 2011Posted by bdoza in BANGLADESH, ECONOMY, GOVERNANCE.
Tags: share marker scam, Share market
After repeated fall of share market prices and consequent violences on the streets, government formed an inqury committee to look into any irregularities that happened in the share market. A committee was formed headed by Ibrahim khalil’ ex Deputy Governor of Bangladesh Bank and current chairman of Krishi Bank. Finance Minister Muhith was taking time o announce the committee as he was looking for persons not associated with the share market.Ibrahim Khalil, after taking the charge started his work but initially was not getting any cooperation from the Security Exchange Commission (SEC). Nevertheless, he has completed the investigation and submitted his report to the Finance Minister. In the report, he said, after submitting it to Finance Minister, that many big name are involeved from the politicians and business circles , in addition to the men from sec. The disclosuer created a stirr in the political and business circle. Bdnews24.com unofficially release releases partial report in their website. Because of ungrounded speculation, head of inquiry had to defend himself to the media and public. He emphasises that the report is not intended to punish any individual but tried to find out the lapses in the system. After a period of waiting and confusion, Finance Minister decided to publish the report officially in full.
But will the report produce anything noteworthy? when report after the share market crisis in 1996 also produce nothing. In that report also a dozen of offenders were identified but no penalty or punishment could be imposed.
Bangladesh Bank has formed a special fund of Tk.5000 crore to refurbished the share market. The skeptics opined that it may affect adversely if not properly used and fall in the wrong hands.
An ordinary citizen