2 Appollo Ispat directors fined for clandestine share selling

The Bangladesh Securities and Exchange Commission (BSEC) has fined two corporate directors of Appollo Ispat Complex Ltd for secretly selling company shares.

The securities regulator said in a statement on Wednesday that Art International Ltd represented by Momtazur Rahman had sold 8.88 lakh shares while Jupitar Business Ltd represented by Mosfequr Rahman had sold 8.91 lakh shares of the company.

None of them made any preannouncement of the selling intention as per the securities law. The BSEC has imposed a Tk10-lakh fine on each of the corporate directors for the violation.

Appollo Ispat's shareholders have long been suffering losses because of non-compliances, underperformance in both business and stock market.