Share Manipulation: Several Individuals from Beacon Group Penalized
- Update Time : 09:05:44 am, Wednesday, 11 December 2024
- / 603 Time View
The Bangladesh Securities and Exchange Commission (BSEC) has imposed fines amounting to Tk 60.21 crore for stock market manipulation involving Orion Infusion Limited, a publicly listed company. The fines were levied on four individual investors, two companies, and two funds.
Among those penalized are Nurun Nahar, Chairperson of Beacon Pharmaceuticals, Ebadul Karim, Managing Director of the company and a former Member of Parliament, and their daughter, Risana Karim, Executive Director of Beacon Pharmaceuticals.
The decision was made during the 935th commission meeting of BSEC on Tuesday, December 10.
According to BSEC sources, the individuals fined include Nurun Nahar, Ebadul Karim, Risana Karim, and Sohel Alam. The penalized companies are Beacon Pharmaceuticals Limited and Beacon Medicare Limited. Additionally, Beacon Pharma’s Employee Provident Fund (EPF) and Employee Gratuity Fund (EGF) were also fined.
The penalties are as follows:
Risana Karim: Tk 6 crore
Sohel Alam: Tk 18.4 crore
Nurun Nahar: Tk 10 lakh
Ebadul Karim: Tk 13.15 crore
Ekhlasur Rahman: Tk 14.6 crore
Corporate and fund penalties:
Beacon Pharmaceuticals Limited (EPF): Tk 1.45 crore
Beacon Pharmaceuticals Limited (EGF): Tk 1 crore
Beacon Pharmaceuticals Limited: Tk 1 lakh
Beacon Medicare Limited: Tk 5.5 crore
Notably, Ebadul Karim, who served as an MP for the ruling Awami League during the 11th National Parliament, is the brother of Obaidur Karim, the owner of Orion Pharma and Orion Infusion.
