Cases over ‘96 share scam lose way for non-submission of documents

The special tribunal, formed recently to handle capital market-related cases, has hit the hurdles in trying the 1996 share-scam cases mainly for non-availability of required legal documents from the securities regulator, the plaintiff, sources said.
Besides, they added, a lack of necessary cooperation from both the plaintiff and the accused has been delaying the trial of the cases.
"In around nine such cases, the Bangladesh Securities and Exchange Commission (BSEC) failed to place the documents before the tribunal at least on two occasions despite orders from the latter," one of the sources told the FE.
Expressing concern over the setback, a senior official of one of the bourses said, "…it is not believable that the BSEC does not have the relevant files of the 1996 cases preserved in it as the regulator itself lodged those cases."
On behalf of the BSEC, a lawyer Tuesday sought more time from the tribunal to submit the documentary evidences.
"Upon his prayer, the Special Tribunal set another date -- July 30 -- for submission of those legal documents," the source said.
After the filing of the 15 criminal cases in 1997, a lawyer said, the accused persons went to the High Court at different times and obtained its directions, including stay orders.
The tribunal asked for certified copies of the latest High Court orders in relevant revision cases pertaining to the 1996 share-market scam cases.
When contacted, Advocate Md. Masud Rana Khan, the lawyer for BSEC at the Special Tribunal said, "Collection of the orders is responsibility of the regulator's counsel dealing with such cases at the HC Division."
The HC lawyer concerned had sent a paper that Mr Khan placed before the tribunal, citing the causes (of delay in placing the papers before it), said the counsel.
"It will take time…," Mr Khan added.
A source, however, said that as the cases are age-old, the respective individuals might not be able to find out the necessary documents of the long-pending cases.
Alongside submission of relevant documents in around nine cases, Tuesday was also fixed for recording deposition of a witness and for argument in separate cases.
Preferring anonymity, he further said neither of the cases progressed on the day. "Following their (lawyers) prayer, the tribunal allowed more time fixing new dates."
"Non-availability of those documents is unexpectedly causing delay in disposal of the share-trading cases," he said.
The official of a stock exchange, however, said as the matters are very important for the capital market, the authorities or the court may consider taking help from the Registrar of the HC to collect the necessary HC documents.
"Even if the papers are not preserved at the BSEC, those might remain in the Ministry of Finance (MoF)," he added.
[email protected]