Rashed Maqsood named new BSEC chief

Rashed Maqsood, an advisor at the World Bank Group, was appointed the new BSEC chairman on Sunday, a day after Dr M Masur Reaz declined to join the post over allegations of personal ties with the ousted autocratic elites.

The interim government appointed Masrur Reaz, also a former official at the World Bank Group, as the BSEC chief on 13 August, in a bid to overhaul the state apparatus heavily politicised and rigged by the Awami League regime.

However, an image surfaced on social media showing Masrur Reaz together with Salman F Rahman, one of the kingpins of Awami League’s rule of corruption. Furthermore, allegations also emerged that Masrur had close ties with Sajeeb Wazed Joy, the son of ousted premier Sheikh Hasina.

A section of BSEC officials also protested Masrur’s appointment, but later withdrew the objections.

Amid popular discontent, Masrur Reaz on Saturday announced he will not join the post of chairman at the Bangladesh Securities and Exchange Commission (BSEC).

The new appointee Rashed Maqsood had served as managing directors Standard Bank, NRB Commercial Bank Ltd, Citi Bank NA, among others.

Since March 2023, he has been serving as the “advisor for strategy and business development” at International Finance Corporation (IFC) under the World Bank Group.