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27 February, 2020 00:00 00 AM
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SCAM OF NON-BANKING FINANCIAL INSTITUTION

Assets of 20 top ILFSL officials can’t be shifted

SC upholds HC order
STAFF REPORTER, Dhaka
Assets of 20 top ILFSL officials can’t be shifted

The Appellate Division of the Supreme Court (SC) yesterday upheld a High Court (HC) order directing the government to seize bank accounts and passports of 20 people of the shareholder directors and top executives of International Leasing and Financial Services Limited (ILFSL).

The order was issued to ensure that the ILFSL officials  including former managing director of NRB Global Bank and Reliance Finance Limited Proshanta Kumar Halder, also known as PK Halder, could not transfer their movable and immovable property, including stocks, cash, and vehicles, to any other person or entity.

A four-member bench of the Appellate Division of the SC, headed by Chief Justice Syed Mahmud Hossain, issued the order after dismissing appeals filed by two ILFSL directors against the HC order.

The apex court also upheld an HC order directing 20 directors and top executives of the company to submit their tax returns from the last five years to the court.

On January 21, a single bench of the HC, comprising Justice Muhammad Khurshid Alam Sarkar, had ordered the government to seize all assets of shareholder directors and top executives of ILFSL.

The orders were issued following petitions filed by ILFSL depositors, amid reports of massive irregularities at the non-banking financial institution.

In its order, the HC bench had imposed a ban on foreign travel by all shareholder directors and top executives of the company until disposal of the petitions. The court also directed the authorities concerned not to transfer any of their movable and immovable properties, including stock, cash, cars, and other assets, to any persons or entities until disposal of the case filed with the HC in this regard.

The secretary of the home affairs ministry was directed to seize the passports of all the present shareholder-directors and top executives of the company as well as to collect detailed information about all of them and inform the court within 15 days.

The HC also appointed Ibrahim Khaled, former deputy governor of Bangladesh Bank, as an independent director and chairman of ILFSL.

Later, two shareholder-directors of ILFSL filed an appeal petition with the Appellate Division against the HC order. After a primary hearing on the appeal petition, the apex court yesterday dismissed their appeals.

Advocate Ahsanul Karim appeared in court for the two shareholder-directors of ILFSL, Barrister Tanjib-ul Alam appeared for Bangladesh Bank, and Attorney General Mahbubey Alam represented the state.

 

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Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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