A Dhaka Stock Exchange (DSE) probe found that CBC Capital operated an interconnected network of BO accounts alongside Zhuang Lifeng, owner of Liz Fashion Industry Ltd.
TBS Report
18 October, 2026, 09:50 pm
Last modified: 18 October, 2026, 09:55 pm
The Bangladesh Securities and Exchange Commission (BSEC) has disposed of enforcement proceedings against investor Zhuang Lifeng over alleged non-compliance with securities laws, according to a regulatory order.
The case stemmed from a show-cause and hearing notice issued on 6 January 2026, which was later rescheduled to 11 March. Zhuang, who holds a Beneficiary Owner (BO) account with Prime Bank Securities Limited, submitted written explanations and a supplementary response letter, and appeared at a hearing on 20 April.
After reviewing the facts, allegations and submissions, the commission decided to dispose of the proceedings. It clarified, however, that the decision does not relieve the investor of any lawful obligations or liabilities to affected parties arising from default.
Meanwhile, in a separate enforcement action issued on 13 October, the BSEC imposed a cumulative fine of Tk35.92 lakh on merchant bank CBC Capital and Equity Management Ltd, a corporate provident fund, and three individuals for series trading and price manipulation of Taufika Foods and Lovello Ice-Cream PLC shares.
A Dhaka Stock Exchange (DSE) probe found that CBC Capital operated an interconnected network of BO accounts alongside Zhuang Lifeng, owner of Liz Fashion Industry Ltd.
The syndicate comprised CBC Capital, Liz Fashion Industry Ltd Employees Contributory Provident Fund (ECPF), Liz Fashion's head of finance HM Rubaiyat, his wife Shayla Akter, and deputy general manager of planning Rajan Kumar Saha. Together, they accounted for 22.30% of Lovello's trading volume between 26 May and 30 June 2025, executing 13 matched transactions that generated Tk2.24 crore in realised gains and Tk1.95 crore in unrealised gains.
Among the penalised entities, Liz Fashion ECPF was fined Tk14.66 lakh, CBC Capital Tk7.50 lakh, HM Rubaiyat Tk6.82 lakh, Shayla Akter Tk4.94 lakh, and Rajan Kumar Saha Tk2 lakh.