The High Court on Thursday issued a ruling asking government authorities to explain in four weeks why they should not appoint a receiver to manage the affairs of Beximco Group.
Former private industry and investment affairs adviser to deposed prime minister Sheikh Hasina and Beximco Group owner Salman F Rahman is currently detained in jail in a number of cases over killings of demonstrators during the student-led mass uprising that forced Hasina to resign and flee to India on August 5.
The respondents in the rule include the governor of Bangladesh Bank and the finance secretary.
The bench of Justice AKM Asaduzzaman and Justice Muhammad Mahbub Ul Islam issued the ruling in response to a writ petition filed by Supreme Court lawyer Masood R Sobhan.聽
The High Court also directed Bangladesh Bank and the Ministry of Finance to disclose the total outstanding loans of Beximco Group.
Masood requested the court to intervene in the financial management of Beximco Group through the appointment of a receiver, a legal mechanism often used in corporate law when there are concerns over the management of an organisation due to insolvency, mismanagement, or other legal complications.
Under the Companies Act 1994, a receiver can be appointed by the court to protect the assets and ensure the proper functioning of the company pending resolution of legal disputes.
The court raised concerns about allegations of money laundering against Beximco Group and questioned whether any funds had been illegally transferred out of the country.
These allegations potentially fall under the jurisdiction of the Money Laundering Prevention Act, 2012, which empowered courts to investigate and recover any misappropriated funds.
Masood R Sobhan, who filed the writ, represented himself during the hearing.
The state was represented by deputy attorney general Redwan Ahmed Runjib and assistant attorney general Muzahidul Islam Shahin.
