Two officials of the Bangladesh Securities and Exchange Commission (BSEC) have been promoted to the positions of executive director just three months after their promotions were suspended over corruption allegations. The officials are Director (General) Md. Mahmudul Haque and Md. Mansur Rahman. According to documents, both are facing inquiries by the Anti-Corruption Commission (ACC), while departmental cases and restrictions on foreign travel are also in place against them. Despite the ongoing allegations and investigations, their promotions were made effective through a notification issued on August 18.
Just three months earlier, however, the BSEC’s Selection and Promotion Committee had decided to keep their promotions on hold, citing serious allegations, departmental cases and ACC inquiries against them.
According to BSEC documents, the third meeting of the committee formed to consider promotions to the executive director posts was held on May 21 this year. BSEC Executive Director (General) Md. Anwarul Islam, Joint Secretary of the Ministry of Public Administration Dr. Md. Faridur Rahman, and Joint Secretary of the Financial Institutions Division under the Ministry of Finance Chhaniya Akter attended the meeting.
The meeting documents state that the promotions of Mahmudul Haque and Mansur Rahman were kept on hold at the time because they were facing serious allegations, departmental cases and ACC inquiries.
Departmental Case Against Mahmudul Haque
Md. Mahmudul Haque, ranked 14th on the seniority list, was being considered for promotion to the post of Executive Director (General—Second Grade). The selection committee’s documents described his service record as “highly unsatisfactory.”
A charge sheet was issued against him in a departmental case concerning alleged irregularities involving Best Holdings Limited. In addition, an ACC inquiry is reportedly underway into allegations of acquiring illegal assets and money laundering.
His Annual Confidential Reports (ACRs) for 2021 and 2022 contained adverse remarks concerning alleged misconduct toward a senior official. According to the committee documents, those remarks have neither been withdrawn nor expunged.
The documents also mention that he had previously been dismissed over unauthorized foreign travel.
In addition, restrictions were reportedly imposed on his foreign travel following allegations of extensive financial irregularities. There was also an announcement concerning the cancellation of his diplomatic and official passports.
Mansur Rahman Named in Missing Documents Investigation
Md. Mansur Rahman, ranked 18th on the seniority list, had relatively good ACRs. However, his name surfaced in investigations into several alleged irregularities, according to BSEC documents.
His name was included in an internal BSEC investigation into the disappearance of important documents related to the initial public offering (IPO) of Acme Pesticides Limited and the processing of related files. The ACC has also reportedly sought information and initiated an inquiry into the same matter.
In addition, an internal investigation is underway into his alleged role in the controversial approval of Quest BDC Limited, as he was working in the relevant department at the time.
His promotion had previously been kept on hold until the investigations were resolved.
Mansur Rahman, however, rejected the allegations. Speaking about the matter, he said he was unaware of whether any corruption investigation was underway against him. He said the committee formed to consider the promotion had reviewed all relevant matters and found him eligible for promotion, which was why he was promoted.
Promotion Within Three Months
According to BSEC sources, investigations by various agencies into the allegations against the two officials, including preliminary evidence related to the complaints, are still ongoing. Questions have therefore been raised over how they were promoted before the allegations and cases were resolved.
A notification signed by BSEC Assistant Director (HR) Injamul Haque on August 18 formally announced their promotions. According to the notification, the promoted officials will receive notional seniority effective from June 3, 2026. However, they will not be entitled to any financial benefits for the intervening period.
Several attempts were made to contact Md. Mahmudul Haque for his comments on the allegations against him, but he did not respond to phone calls. He also did not reply to messages sent via WhatsApp.
Multiple attempts were also made to contact BSEC Executive Director and spokesperson Md. Abul Kalam regarding the matter. He did not answer the calls or respond to messages sent via WhatsApp.