HC questions govt inaction to curb money laundering

The High Court (HC) has questioned the inaction and failure of the government bodies concerned and other respondents to prevent money laundering involving the transfer of 60 per cent shares of Novartis Bangladesh Limited.

It recently asked respondents to explain in four weeks as to why their failure and inaction to curb money laundering involved with overvaluation of share price by Radiant Pharmaceuticals Ltd manipulating the market value in acquisition of majority shares of Novartis should not be declared illegal.

In a rule, the HC also sought an explanation as to why they should not be asked to take effective steps for an independent investigation and legal action against the issue of laundering.

Finance secretary, Anti-Corruption Commission chairman, industries secretary, Bangladesh Bank governor, Bangladesh Financial Intelligent Unit chief and registrar of the Joint Stock of Companies and Firms, among others, have been asked to comply with the rule.

The HC bench of Justice Razik-Al-Jalil and Justice Tamanna Rahman Khalidi passed the order on March 24 after hearing a writ petition filed as public-interest litigation.

A copy of the HC order was obtained by the FE on Friday.

Ektander Hossain Howlader, a Supreme Court lawyer, filed the petition on 27 January.

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