Insider trading by a Southeast Bank director’s son

The Bangladesh Securities and Exchange Commission (BSEC) has started its probe into alleged insider trading against Southeast Bank Limited Director Azim Uddin Ahmed’s son Mamun Azim and others as per the High Court’s direction.

A probe panel headed by BSEC additional director Mohammad Amdadul Hoque has been formed on Wednesday and asked to report back by February 15.

The other two members of the panel are BSEC Deputy Director Md Sirajul Islam and Dhaka Stock Exchange Senior Manager Md Masud Khan.

“The commission, upon the directions of the High Court, is of the opinion that it is necessary to conduct an inquiry regarding the allegation of unlawful, illegal, and mala fide acts of share purchase by Mamum Azim and others by way of insider trading and contraventions of other securities laws,” said the BSEC in an order.

According to the Southeast Bank website, Azim Uddin Ahmed is the chairman of Mutual Food Products Limited, Mutual Milk Products Limited, and Mutual Trading Co.

He is also the partner of Mutual Agro-complex, Mutual Departmental Store, Mutual Distribution, and Silonia Agencies.

Azim is the current chairman of the Board of Trustees of North South University and a founder life member of North South University Foundation.

On Thursday, the bank’s share price remained unchanged at Tk 15.80 on the Dhaka Stock Exchange.