The National Board of Revenue (NBR) has asked the stock market regulator, banks, financial institutions, and the National Savings Authority to provide details of five business tycoons and their respective family members. Meanwhile, their companies’ share prices fell on Thursday.
The tycoons are – Summit Group Founder Chairman Aziz Khan, Orion Group Chief Mohammad Obaidul Karim, Beximco Group’s Co-Founder and Vice Chairman Salman F Rahman, Nassa Group Chairperson Nazrul Islam Mazumder, and Bashundhara Group Founder Ahmed Akbar Sobhan.
The Central Intelligence Cell (CIC) – operating under the National Board of Revenue (NBR) – has made the move.
Meanwhile, DSEX, the key index of the Dhaka Stock Exchange (DSE), rose 93 points and settled at 5,700 points as against 5,607 points in the previous trading session.
Meanwhile, market turnover also increased by 45 per cent to Tk 778 crore as against Tk 536 crore in the previous session. Out of the 397 issues traded, 151 advanced, 208 declined, and 38 remained unchanged on Thursday at the Dhaka bourse.
NBR sources said the five tycoons are under scanner to unearth alleged tax evasion by the businessmen and their associate businesses.
As per section-200 of the Income Tax Law 2023, the NBR is empowered to seek bank-account information of a taxpayer against his Taxpayer Identification Number (TIN) if they suspect any tax evasion.
Banks and NBFIs are bound to provide account information to the taxmen as per law. The tax law has a penal provision in case of non-cooperation by bank officials in providing the required information about bank account transactions.
Following a significant political shift, the country's stock market experienced a notable surge in its index on the day, accompanied by an increase in trading volume. However, despite the market's strong performance, shares of companies controlled by Salman F Rahman saw a decline.
On August 5, amid a massive student movement against discrimination, Sheikh Hasina resigned from her post as prime minister and fled to India.
The previous night, her private industries and investment adviser, Salman F Rahman, also fled the country, impacting the share prices of companies associated with him.
Salman F Rahman is the head of BEXIMCO Group, one of the country's leading industrial conglomerates. Three of BEXIMCO Group's companies are listed on the stock market — BEXIMCO Limited, Beximco Pharmaceuticals, and Shinepukur Ceramics Limited.
Additionally, the Beximco Green-Sukuk Al-Istisna’a, an Islamic Shariah-compliant bond issued by BEXIMCO, is also listed on the stock market.
Despite the widespread increase in share prices, the securities related to Salman F. Rahman experienced a negative trend.
Beximco Pharmaceuticals share price dropped by 2.90 per cent to Tk 73.60 on Thursday. However, the share price of BEXIMCO Ltd remained unchanged due to the floor price restriction, which prevents the share price from falling below a certain level.
On the same day, the share price of Summit Power decreased by 1.64 per cent to Tk 18. On the DSE, the share price of Bashundhara Paper Mills dropped by 0.19 per cent, falling to Tk 51.50. Orion Pharma and Orion Infusion’ share prices fell by 2.98 per cent.
