Dhaka: Special tribunal formed for quick disposal of stock market-related lawsuits on Monday awarded four years imprisonment to two officials of apparel company CIC Textile Limited, an Over The Counter market-listed company, in a case related to the 1996 stock market scam.

The two convicted are the company’s managing director Mohammad Maksudul Rosul and director Iftekhar Mahmud.  

Justice Humayun Kabir awarded the duo four years imprisonment and Tk 30 lakh fine. They will be awarded another six years imprisonment if failed to pay the fine.

The special court on Tuesday started hearing of the case against the textile company. The hearing argument was completed on Thursday.

No defendants and their defence lawyers appeared before the court.

Share market regulatory institution Bangladesh Securities and Exchange Commission (BSEC) filed cases against the directors of CIC Textile on charges of manipulating share prices through fraudulent means in 1996.

Later the two convicted were awarded bail from the High Court. The special tribunal issued arrest warrant against them for not appearing in the tribunal after its proceedings.

CIC Textile became listed in Dhaka Stock Exchange (DSE) as an apparel company in 1996. The company soared their share prices from Tk 7 to Tk 46 through fraudulent means.