SC to review verdict on money confiscated by caretaker govt

The Supreme Court (SC) will hear a review petition on a verdict on returning the money confiscated from several businesses during the army-backed caretaker government, reports bdnews24.com.

An appellate bench of seven judges led by Justice Syed Mahmud Hossain accepted the petition on Tuesday filed by the Bangladesh Bank challenging the verdict.

The top court also stayed the order to refund the money to businesses until the review petition has been settled.

The court asked the government two and a half years ago to return Tk 6.15 billion to 11 companies and several businesspeople who were forced to deposit the amount to Bangladesh Bank in tax on their alleged undeclared money at the time.

The High Court (HC) had directed Bangladesh Bank to return the amount confiscated from several companies and business people during the emergency period, said Khairul Alam Choudhury, one of the lawyers who represented the businessmen.

The Appellate Division dismissed an appeal by the Bangladesh Bank (BB) challenging the HC's verdict on Mar 16, 2016, he said.

But a number of 11 companies and individuals complained of 'contempt to court' against the BB as it did not return the money even after a long time.

On the other hand, the Bangladesh Bank sought a review of the verdict.

"The Appellate Division also deferred the order on returning money until the review petition has been settled."

During 2007-08, an army-backed task-force under the National Coordination Committee launched a drive against corruption in the country.

The joint forces investigating high-profile financial crimes interrogated a number of corruption suspects and businesspeople.

Around 40 companies and individuals had to deposit more than Tk 12.32 billion to the central bank following the drive.

After the Awami League government took office in January, 2009, the companies wrote to the government, asking for a return of their money.

But their requests were turned down.

Later, the 17 companies filed petitions with the HC, seeking a refund with interest.