Shakib Al Hasan

The Bangladesh Securities and Exchange Commission has demanded an explanation from two companies owned by cricketer Shakib Al Hasan for starting gold mining activities without the necessary approval from The commission has sent letters to the managing directors of Reliable Commodity Exchange and Burak Commodities Exchange regarding the issue on May 16. and asked them to respond by May 25.

In the letter, the companies were asked to explain within seven working days their position on offering business through commodity futures without regulator approval or without being a member of the exchange.

Pursuant to Section 8(4) of the Securities and Exchanges Ordinance 1969, “No person other than a member shall act as a broker or dealer in any unlisted security.”

On April 22, Shakib, as chairman of Reliable Commodities Exchange Company, announced the launch of Swiss-made 24K Minted gold bars in varying denominations in association with local lifestyle brand QRIUS in a hall of exhibition at Banani.

In August 2021, the cricketer in an advertisement said, “With the approval of the government, I have established an organization named Burak Commodities Exchange Company as a Bangladesh Bank (BB) dealer for import and sale of gold bullion and jewelry in the country.’

The company has already started importing gold bars and ornaments and marketing them through its offices in Dhaka, Rangpur and Comilla.

The BSEC informed the Governor of Bangladesh Bank, the Principal Secretary of the ERD and the Secretary of the Ministry of Commerce of the violation.

According to the Securities and Exchanges Ordinance, a commodity futures contract refers to an agreement to buy or sell a particular commodity for future delivery or settlement at a price to be determined by contract which binds each party to perform the contract at the price specified and which may be settled by delivery, cash or cleared on the commodity exchange duly registered with the commission and in connection with commodity futures contracts.

Commodities include agricultural, livestock, fishing, forestry, mining or energy goods and products.

Apart from the new gold business, Shakib is active in catering, hospitality, stock market, cosmetics, shrimp, travel agency, event management and e-commerce.