HC Asks BB to Appoint Receiver for Beximco Companies

 

Bangladesh Bank Directed by High Court to Appoint Receiver for Beximco Group

The High Court has ordered Bangladesh Bank (BB) to appoint a receiver to manage all companies under the Beximco Group and attach the properties of the troubled conglomerate. This directive comes in response to concerns over financial irregularities and mismanagement.

In addition, the court instructed BB to recover funds allegedly obtained by Salman F Rahman, a former adviser to ousted Prime Minister Sheikh Hasina, from various banks and to repatriate any siphoned-off money from abroad.

The attachment order, issued on Thursday, mandates BB to submit a compliance report to the court within four weeks, detailing the steps taken. The ruling was passed by a High Court bench consisting of Justice AKM Asaduzzaman and Justice Muhammad Mahbub Ul Islam, following a writ petition related to the case.

While lawyers initially stated that only one rule was issued, the full text of the High Court order indicates an interim order was also made, calling for the appointment of a receiver to oversee Beximco Group’s assets.

The public-interest litigation was filed by Masood R Sobhan, a Supreme Court lawyer, advocating for state acquisition of the business empire of Salman F Rahman, who is currently in jail following the fall of the previous government amid a mass student uprising.

Additionally, the court issued a rule instructing the central bank to explain why it should not be directed to provide detailed information on Beximco Group's financial status, including unpaid loans and current repayment statuses. BB, the Finance Secretary, Beximco Pharmaceutical Limited, and Salman F Rahman have been asked to respond within four weeks.

Barrister Masood R Sobhan clarified that the HC’s order does not interfere with the payment of salaries and allowances to Beximco Group employees.

Salman F Rahman, a former private industry and investment adviser to the Prime Minister and ex-Awami League lawmaker, was arrested on August 13 in Dhaka’s Sadarghat area while reportedly attempting to flee by boat. Though his arrest was linked to a murder case, Rahman has long faced allegations of financial misconduct.