Salman F Rahman fined Tk 100 crore, son Tk 50 crore

Former IFIC Bank chairman Salman F Rahman, his son and former vice-chairman Ahmed Shayan Fazlur Rahman and another official have been declared undesirable in the capital market for life on charges of irregularities in the capital market and harming the interests of investors. The capital market regulator Bangladesh Securities and Exchange Commission (BSEC) has taken several punitive decisions including financial fines in its 965th meeting. BSEC Chairman Khandaker Rashed Maqsud presided over the meeting. Salman F Rahman was fined Tk 100 crore and Shayan Fazlur Rahman was fined Tk 50 crore in the meeting. In addition, the then CEO of IFIC Investments Limited Imran Ahmed has been banned from all types of work in the capital market for 5 years. It has also been decided to take legal action against the bank’s then management Shah Alam Sarwar.