Team formed to probe alleged share embezzlement at Master Feed

The stock market regulator has recently formed an inquiry committee to investigate the alleged embezzlement of shares of the deceased Rafikul Alam, who was the director at Master Feed Agrotec Ltd — a firm listed on the SME board of the stock exchanges. 

Last month, Md Kausar Al Mamun, chief executive officer (CEO) of First Capital Securities raised a red flag that there might have been attempts to embezzle the deceased director's stake. 

In a letter to the Bangladesh Securities and Exchange Commission (BSEC), Al Mamun alleged that Umme Habiba Yesmine, wife of Alam, opened a fake beneficiary owner (BO) account with First Capital Securities by using someone else's information to sell and withdraw a portion of Alam's shares. 

After that, Habiba lodged a complaint against Mamun, and also against the management of Master Feed. 

Based on all the complaints, the BSEC formed the inquiry team that has the commission's Assistant Director Md Maruf Hasan, and Debasish Roy, manager at the investigation and enforcement department of the Dhaka Stock Exchange (DSE). BSEC Additional Director Md Faruq Hossain will supervise the inquiry committee. 

It will determine whether there have been any irregularities or unauthorised transactions related to the ownership and transfer of Alam's shares, and also verify the authenticity of Mamun's allegation.  

The team has two months to complete the inquiry and submit its findings to the commission.