The stock market regulator yesterday put a pause on LR Global Bangladesh’s investment of Tk 50 crore in local online newspaper bdnews24.com and instructed the asset management firm to hand in all documents within 24 hours to verify if the transaction is compliant with securities rules. As per securities rules, an asset manager can invest in listed securities, initial public offerings (IPO), pre-IPO placement shares and securities that are transferrable in the money market. “So, we want to check whether the investment follows all rules,” said a top official of the Bangladesh Securities and Exchange Commission (BSEC) on condition of anonymity. In 2015, LR Global Bangladesh, an asset management firm, was fined Tk 50 lakh for its investment in four non-listed private companies: Guardian Healthcare, Thyrocare Bangladesh, Property Investors and Tribeca Management. LR Global has also consulted with lawyers.”

Source: bd News24 October 13, 2019 18:00 UTC