Why efficiency of judiciary important

A robust and sustainable economy depends on many factors that include business-friendly policy, efficiency of the businessmen, good governance, better management of financial institutions and so on. However, very few of us including the corporate people take the 'efficiency of the judiciary' into our consideration as one of those factors that can better the economy and the country's development as well. But in fact, it's true that the degree of efficiency of the judiciary in disposing of cases is correlated with the growth of economy either directly or indirectly. It's also true that researches on such issues are rare in Bangladesh.
An instance will help clear it. Around one and a half years ago, I was standing at the link-way of the Supreme Court (SC) and the Bar Association buildings. A foreign lady was coming out from the SC main building. Approached to her, I knew that she on behalf of a Korean company came to the apex court to handle a case of the firm. She expressed her unhappiness and resentment over the long delay in disposing of the case, clearly indicating that what a good or bad message went outside about the business risk in Bangladesh.
Apart from it, the normal scenario in the court is that a lot of justice seekers from different sectors including banks, financial institutions and other private and public companies have to go to the SC for handling their cases day after day because disposal of their disputes takes year after year. They are to spend time, money and intelligence & mental agony, which cannot be calculated in currency.
The legal disputes remain pending for years as a large number of cases are piled up there. Anybody will see such a picture there, though the courts try their best to relieve the people as early as they can. After that, there are many factors that can be addressed if the country wants speedier and more efficient disposal of the cases, and thus save money, time, mental agony and finally facilitate better business.
Even after such importance of an efficient judiciary for better business, the policy makers and the corporate community are seen 'reluctant' to address it giving it due importance, though a UNDP project named "JUST" is being implemented to help the judiciary perform efficiently.
When we talk about the ways to attract foreign direct investment (FDI) and about the business' risk-factors like shortage of power and gas and political instability, we always skip another notable risk, the legal issue that arises whenever any stakeholder of a business becomes aggrieved and go to court. Sometimes, such legal disputes prolong and continue costing the company concerned if it is not settled in the court, indicating significance of an efficient judiciary that will be capable of relieving the people as shortly as possible.
A recent news report said that though a number of cases increased at the Artha Rin Adalat in the last 10 years under a 2003 law, the recovery rate of default loans is not up to the expectation. Concerned experts attributed it to mainly the different legal loopholes and weaknesses.
According to data available with the SC, around 24,54,000 cases remained pending with different courts including the Supreme Court (SC), lower courts and different tribunals across the country till December 31, 2012. Of them, about 3,14,000 are remaining pending with only both the divisions of the SC. So far 30,000 cases are reportedly pending with the Artha Rin Adalat in the country.
There are dozens of instances from the businesses that they have been suffering from the long delay in disposal of cases in various ways, and as such they can not give attention to their business and continue to pay fees to the lawyers and bear other relevant costs.
Finally, it can be said undoubtedly that the more the judiciary will be efficient in relieving the people from legal disputes, the better the businesses and economy will be benefited directly or indirectly.
So, the time demands a good number of researches on the issue to find out the best ways to help the judiciary perform efficiently to ensure quick and quality disposal of legal disputes and relieve the people, especially the business community, of the waste of time and mental agony, and thus help the country's economy grow faster.
The writer is Staff Reporter
of the FE