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DSE assures clients of Crest Securities about payback

  • Published at 09:35 pm June 28th, 2020
Covid-19 shuts down stock market
Md Manik/Dhaka Tribune

Concerned banks have been requested to freeze 10 accounts of the brokerage house

The country's prime bourse, Dhaka Stock Exchange (DSE), has assured clients of brokerage firm Crest Securities Limited, regarding arranging a faster procedure to return their shares and money.

In the meantime, the brokerage's 10 bank accounts and about 21,000 stock investors' share-units worth Tk82 crore have been frozen. 

DSE Managing Director Kazi Sanaul Hoq disclosed the matter at an online press conference on Sunday evening. 

However, investors will be allowed to trade the shares through any brokerage house by the linked account as soon as the DSE withdraws the freeze, he assured investors.

He also hinted that Crest Securities Managing Director Md Shahid Ullah is still in the country. “Law enforcement agencies are working to arrest him following the DSE's request,” he said.

‘Investors will get back their money’

He has requested investors of the securities house not to be disappointed, saying: “All debt will be adjusted by selling the TREC and assets of Crest Securities. We are working faster for this purpose." 

Sanaul Hoq has requested all the investors of Crest Securities to inform the exchange of their amount of debt.

The Crest Securities Limited, a corporate member and stock brokerage house of Dhaka Stock Exchange, on Tuesday closed its head office and all other branches without any prior notice.

Since then, the Managing Director and other officials of Crest Securities have gone into hiding. 

Crest Securities was incorporated in 2006 with its registered headquarters at 57, Purana Paltan, in Dhaka. It has three branches located on Pragati Sharani in the capital, and in Narayanganj, and Comilla.

The securities house is a corporate member of the DSE and a full-service depository participant of the Central Depository Bangladesh Ltd (CDBL).

The brokerage house is also a stock dealer and it participates in the bidding of block subscription of shares for newly listed companies as an “Eligible Institutional Investor.”