CSE MD sacked, CRO resigns

The Chittagong Stock Exchange has sacked its Managing Director Mamun-Ur-Rashid after taking the approval from the securities regulator.

Following the unusual incident, CSE Chief Regulatory Officer Mohammad Shamsur Rahman stepped down from his post citing lack of work environment.

CSE Chairman Asif Ibrahim confirmed the development to The Business Post on Wednesday afternoon.

“The disagreement between the management and the shareholders is the result of the undesirable incident,” said a CSE official.

After the demutulisation of the stock exchange, the MD and cahirman post were created Earlier, the country’s second bourse sent the MD on a one-month forced leave on September 19.

In February this year, the Anti-Corruption Commission had filed a case against Mamun-ur-Rashid, who is also the ex-managing director of Standard Bank, for alleged embezzlement of about Tk 4 crore of the bank.

According to the case statement, the accused in league with other officials sanctioned Tk 4 crore in loan to Sachetan Sahajjo Songstha between November 2017 and June 2018.