• Thursday, Dec 01, 2022
  • Last Update : 10:24 am

LR Global threatens to sue DT under DSA

  • Published at 06:07 pm March 28th, 2021
gavel DSA
Representational photo: Bigstock

The same threat was issued against the paper's publisher and editor

The Capital Market Journalists Forum (CMJF) on Sunday vehemently protested the legal notice sent by LR Global to Dhaka Tribune in which it threatened to take legal action under the Digital Security Act (DSA) against one of its reporters.

LR Global threatened to file a case under the DSA against Niaz Mahmud, staff correspondent of the newspaper, for reporting “false and misleading information against them”.

The same threat was issued against the paper's publisher and editor for publishing the report titled ‘LR Global’s American partner calls for actions against its CEO’ on March 16.

The report was based on a letter sent by LR Managers, the 47.7 per cent shareholder of LR Global, to the securities regulator. 

Reaz Islam, the chief executive officer of LR Global, was contacted several times before publishing the report, but he did not respond. The call records and text messages have been preservedby Dhaka Tribune.

LR Global had sent in a rejoinder, which was published on March 18. And yet, the asset management firm sent in the legal notice, which was dated March 21.

The asset management firm’s various irregularities, the valuation report fraud and the other issueshave been the most talked-about topic in the capital market recently, the CMJF said.

Evidence of this is also found in the investigation report of the Bangladesh Securities and Exchange Commission, it said in the statement.

“It is the job of the media to publish reports on these issues. Such threats are obstacles to the development of free and independent media. It is also against the constitutional right to freedom of the press.”

If LR Global pressed on the matter, the CMJF will be forced to take strict actions, the forum said, adding that it stands beside Mahmud, one of its members.

LR Global Bangladesh began operations in 2008.

The company launched its first mutual fund in 2010 and is currently managing six mutual funds amounting to about $172 million.

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