All business concerns of Salman's Beximco Group and their property look poised for ownership change as the High Court Thursday issued rule asking why a receiver of the conglomerate shouldn't be appointed.
In the rule the High Court asks government bodies concerned to explain why they should not be directed to appoint a receiver to take care of all the business concerns of Beximco and to attach their property.
The court also wants to know why the respondents should not be directed to provide information regarding Beximco Pharmaceutical Limited and all other business concerns of Beximco Group of Companies of Salman F Rahman, and how much unpaid loan he obtained from all financial institutions and the present status of loans and repayment.
Bangladesh Bank, Finance Secretary, Beximco Pharmaceutical Limited and Salman F Rahman-now behind bars-have been asked to comply with the rule within four weeks.
A High Court bench comprising Justice AKM Asaduzzaman and Justice Muhammad Mahbub Ul Islam passed the orders after hearing a writ petition filed in this regard. Masood R Sobhan, a Supreme Court lawyer, filed the petition as public-interest litigation.
The HC also has asked the respondents to explain as to why not rescind the waiver given to Beximco Pharmaceutical Limited exempting the loan repayment for 25 years.
It also wants to know why Bangladesh Bank should not be directed to recover money obtained by Salman F Rahman from different banks and bring the money back to Bangladesh from abroad and give a compliance report within four weeks.
Beximco Group is owned by Salman F Rahman, former private industry and investment adviser to the deposed prime minister and also former Awami League lawmaker from Dohar in Dhaka.
He was arrested from Dhaka's Sadarghat area on August 13 while fleeing by boat. The following day, he was placed on a 10-day remand in a murder case filed with New Market Police Station and his remand was extended several times later.
Salman Rahman, one of Sheikh Hasina's trusted advisers with a ministerial rank, was arrested in the case over the killing of a shopkeeper, not for financial misconduct he has long been known for.
Many familiar with Salman's wrongdoing described him as "the father of default culture" in Bangladesh. That toxic malpractice encouraged other businesses to borrow and never repay, exposing Bangladesh's banking industry to serious risks.
The Centre for Policy Dialogue concluded that several banks are now "clinically dead".
Masood R Sobhan himself took part in the hearing in support of his petition, while Deputy Attorney-General Redwan Ahmed Runjib and Assistant Attorney- General Muzahedul Islam Shahin represented the state.
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