Salman F Rahman has been removed from the boards of Beximco Ltd and Shinepukur Ceramics, completing his exit from all three listed companies of Beximco Group following his earlier removal from Beximco Pharmaceuticals.
Bangladesh Securities and Exchange Commission (BSEC) approved the reconstitution of the boards of Beximco Ltd and Shinepukur Ceramics at its meeting on Tuesday, according to commission sources.
BSEC had earlier approved the reconstitution of the Beximco Pharmaceuticals board on 29 September, removing Salman from the company.
The regulator said the latest changes were approved following separate applications from Beximco Ltd and Shinepukur Ceramics, taking into account investor interests and the companies’ overall circumstances.
Salman’s brother A S F Rahman has been appointed chairman of both companies.
At Shinepukur Ceramics, Osman Kaiser Chowdhury, Iqbal Ahmed, Ajmal Kabir and Quamrun Nahar Ahmed have been appointed sponsor directors.
BSEC has also approved two independent directors for Shinepukur Ceramics, although their names have yet to be finalised.
The same sponsor directors have been appointed to the reconstituted board of Beximco Ltd.
A S F Rahman will serve as chairman and Osman Kaiser Chowdhury as managing director, while Iqbal Ahmed, Ajmal Kabir and Quamrun Nahar Ahmed will serve as sponsor directors.
BSEC has approved two independent directors for Beximco Ltd, including Shah Monjurul Hoque. The other independent director has yet to be finalised.
Salman, who served as an adviser to former prime minister Sheikh Hasina, has been in jail since his arrest following the political changeover in August 2024.
BSEC in July last year declared him persona non grata for life and permanently barred him from participating in capital-market activities.
Sources familiar with the matter said Salman agreed to step down from the boards of Beximco Group companies in view of the changed political circumstances and the adverse situation facing the conglomerate.
They said his decision was aimed at preventing his continued involvement from creating further difficulties for the companies and protecting shareholders’ interests.
The reconstitution of the three listed-company boards now removes Salman from all of them, although people close to him continue to hold positions on the new boards.
