CSE asked to file work plan for top boss recruitment

The Bangladesh Securities and Exchange Commission (BSEC) has written the Chittagong Stock Exchange (CSE) to submit a work plan for recruiting its managing director within seven working days.

The letter was issued on Sunday as the CSE managing director post had been vacant since September last year when its Managing Director Mamun-Ur-Rashid was sacked. 

“You are instructed to submit a work plan to ensure the appointment of a competent CSE managing director within seven working days of receipt of the letter,” said the BSEC.

The BSEC first asked CSE on February 22 this year to appoint the top boss within a month. Later, the deadline was extended by two months in response to the request of CSE. 

The disagreement between the management and the shareholders was the result of the removal of Mamun-Ur-Rashid, according to CSE officials.

After the demutualisation of the stock exchange, the MD and chairman posts were created. Earlier, the CSE sent Mamun-Ur-Rashid on a one-month forced leave on September 19.

In February this year, the Anti-Corruption Commission 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 by the bank.

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