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The Supreme Court said: “As the Prime Minister works tirelessly for the economic prosperity and development of the country, the officials of the Bangladesh Bank in charge of supervising banks and financial institutions, especially the DGMs, GMs, CEOs and Vice Governors, they are indulging in con artists, con artists and economic wrongdoers. ” “
The court said they should be held accountable for the financial crisis in the interest of the individual.
The High Court approved the order on an application filed by a foreign partner seeking instructions to remove the board of directors of Bangladesh Industrial Finance Company Limited (BIFC), a publicly traded financial institution.
Attorney Omar Farooq heard the request. Attorneys Hasan Azim, Mahfuzur Rahman Milon and Md Saiful Islam Saif appeared for BIFC.
Judge Muhammad Khurshid Alam Sarkar’s high court approved the order on December 16 last year. This observation can be seen in the copy of the completed order on Monday.
Omar Farooq told bdnews24.com that Tees Mart Inc., a 10 percent foreign partner of Bangladesh Industrial Finance Company Limited (BIFC), had submitted an application in March last year.
The petition sought instructions to appoint an independent auditing firm to determine how much money Prashant Kumar Haldar alias PK Haldar and his associates had taken from BIFC, who had fled abroad on charges of laundering nearly Rs 3,000 crore from various financial institutions.
Attorney Omar Farooq said: “The court issued the order with observation. The order appoints a new BIFC president, a board of directors and an auditing company.
Retired Supreme Court Justice Moinul Islam Chowdhury has been appointed President and Independent Director of BIFC. He will preside over the board of directors and the annual general meeting.
In addition, the court has appointed four more as independent directors. They are, former Secretary Shyamal Kanti Ghosh, a professor at Dhaka University. Jamil Sharif, former vice president of ICAB. Mahmud Hossain and Md. Shahadat Hussain.
In addition, the auditing company Nurul Farooq Hasan & Co. to perform the audit of this financial institution. Certified public accountants have been appointed.
Omar Farooq said that the auditing company would look at various topics, including BIFC’s assets, BIFC’s liabilities, its capital, the investment amount of the sponsoring partners in BIFC and the investment method of the sponsoring partners.
The court also noted that all Bangladesh Bank officials who have been in charge of overseeing the activities of financial institutions since 2002 are held accountable.
The court held that the Anti-Corruption Commission (ACC) should conduct a preliminary investigation against these individuals.
The observation court expressed the expectation to the Governor of the Bangladesh Bank: “In collaboration with the dishonest officials of the Bank of Bangladesh, the Governor of the Bangladesh Bank will make efforts to prevent scammers and con artists from embezzling public money. In the broader interest of the country, their secret plots and plans must be broken. “
Industrial Finance Company Limited (BIFC) is a publicly listed financial institution.
Last year, Tees Mart Inc., a foreign sponsoring partner of the company, accused the BIFC board of embezzlement and mismanagement.
The allegations led to an application in Superior Court last year seeking the removal of the BIFC president and the election of a new board of directors.
At the same time, instructions were also requested to verify and classify the documents of Sukuja Venture Limited and Kanchi Venture Limited, which are related to PK Haldar, as to how they were incorporated into the board of directors of BIFC.
Additionally, an independent auditor has been appointed to determine how much money PK Haldar and his associates have embezzled from BIFC in the past five years since 2015. PK Haldar and his family members, including Sukuja Ventures Ltd. and Kanchi Ventures Ltd., all CEOs from BIFC. They were asked to prohibit them from leaving the country and confiscating their real and personal property.
The court issued an interim order on February 11 last year to hear the appeal. In that order, the court also prohibited the sale and transfer of real and personal property of BIFC.
Following the appeal, the High Court last issued an order on December 16 with an observation.
The defendants have been asked to report on the progress of compliance with the order by the upcoming February 22 date.
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