HC orders probing ex-BB governor Rouf, NBL

The High Court on Sunday directed the government bodies concerned to investigate former Bangladesh Bank governor Abdur Rouf Talukder and the National Bank management for rescheduling loans of Bashundhara Group.
It instructed the authorities to probe the National Bank chairman and managing director for rescheduling Tk 38.59-billion loans in favour of several subsidiaries Bashundhara Group in violation of banking rules.
The government respondents have been asked to submit a progress report to the court in three months on the action taken by them to this effect.
The High Court bench of Justice Mohammad Ullah and Justice Foyej Ahmed passed the order after hearing a writ petition filed by a Supreme Court lawyer, Mohammad Sarwar Hossain, as public interest litigation.
It also issued a rule asking the respondents to explain as to why they should not be directed to investigate the persons in question for granting the loans.
It further sought to know from the respondents to explain as to why inaction of the government bodies in taking legal action for alleged money laundering by Bashundhara companies should not be declared illegal.
Cabinet secretary, finance secretary, former BB governor, NBL chairman and managing director and others have been asked to comply with the rule.
Petitioner Mohammad Sarwar Hossain said the NBL management with the then governor's consent rescheduled Tk 38.59 billion granted to different companies of Bashundhara Group unlawfully.
As per the Company Act, the companies were entitled to get the highest Tk 8.03 billion, but they were granted Tk 38.59 billion, the lawyer told the FE.
According to the petition, "Companies of Bashundhara Group were provided undue loan facility of Tk 38.59 billion by National Bank Limited in connivance with the former BB governor, and NBL chairman and MD in a most arbitrary and discriminatory manner for rescheduling second time suspending repayment of loans and instalments for a two-year period in the light of the policy drawn up by the BB in 2022 regarding repayment of defaulted loans."
"The policy was drawn up for those affected by the Covid pandemic and the Russia-Ukraine war. It was stated that under this policy, there was no need for the central bank's approval to provide these facilities. But the ceiling to suspend loan repayment was one year at the most. But in the last week of July 2024, the then BB governor deviated from that above mandatory rule and gave a thumbs-up to rescheduling the loans."

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