Sports Reporter :
The Bangladesh Cricket (BCB) lost US $22 million by Nimbus, an Indian organization that bought the broadcast rights from BCB for six years. A Memorandum of Understanding (MoU) was sighed between BCB and Nimbus in 2006.
Former General Secretary of BCB Mahbub Anam sold the broadcast rights to Nimbus for $ 56.88 million.
Later, Nimbus failed to fulfill their agreement and opposed to give that amount of money.
However, BCB reduced the amount and demanded $ 32 million at the end of 2012. But Nimbus tried to compromise by giving $ 11 million. BCB sued against Nimbus but Nimbus was declared bankrupt thus BCB failed to gain the money.
The court of Singapore where BCB lodged the case informed them on May 22 that Nimbus was bankrupt, and if they have any objection or have anything to say they can file another case within the next 21-day time frame. The additional case would cost them another USD 200,000.
It was learnt that BCB took the advice of Attorney General Mahbubey Alam to take his opinion in this regard [about filing a second case against Nimbus], and will avoid the additional cost of $ two million.
Allen & Gladhill and Tanjib Alam & Associates, two Singapore-based legal consulting firms also echoed the same sentiment that prompted BCB to send a ‘no-objection letter’ to the Singapore court on June 6.
”If we did not give a no-objection letter, we would have to go to another fight outside the legal battle. In that case, we would have incurred additional costs. We didn’t get involved because we don’t see any bright future in it as Nimbus has been declared completely bankrupt,” said BCB CEO Nizamuddin Chowdhury.
”That’s why we didn’t find it’s legal ‘merit’. A legal battle is still going on in the court of Singapore. This would have been another matter of excess. As they’ve gone bankrupt, we thought it would be best not to go any further behind it. The decision was made on the advice of lawyers,” he said.
“There is no chance of forgiving Nimbus. The legal process will continue but it is true that we have very little chance of getting anything from them,” he added.
The Bangladesh Cricket (BCB) lost US $22 million by Nimbus, an Indian organization that bought the broadcast rights from BCB for six years. A Memorandum of Understanding (MoU) was sighed between BCB and Nimbus in 2006.
Former General Secretary of BCB Mahbub Anam sold the broadcast rights to Nimbus for $ 56.88 million.
Later, Nimbus failed to fulfill their agreement and opposed to give that amount of money.
However, BCB reduced the amount and demanded $ 32 million at the end of 2012. But Nimbus tried to compromise by giving $ 11 million. BCB sued against Nimbus but Nimbus was declared bankrupt thus BCB failed to gain the money.
The court of Singapore where BCB lodged the case informed them on May 22 that Nimbus was bankrupt, and if they have any objection or have anything to say they can file another case within the next 21-day time frame. The additional case would cost them another USD 200,000.
It was learnt that BCB took the advice of Attorney General Mahbubey Alam to take his opinion in this regard [about filing a second case against Nimbus], and will avoid the additional cost of $ two million.
Allen & Gladhill and Tanjib Alam & Associates, two Singapore-based legal consulting firms also echoed the same sentiment that prompted BCB to send a ‘no-objection letter’ to the Singapore court on June 6.
”If we did not give a no-objection letter, we would have to go to another fight outside the legal battle. In that case, we would have incurred additional costs. We didn’t get involved because we don’t see any bright future in it as Nimbus has been declared completely bankrupt,” said BCB CEO Nizamuddin Chowdhury.
”That’s why we didn’t find it’s legal ‘merit’. A legal battle is still going on in the court of Singapore. This would have been another matter of excess. As they’ve gone bankrupt, we thought it would be best not to go any further behind it. The decision was made on the advice of lawyers,” he said.
“There is no chance of forgiving Nimbus. The legal process will continue but it is true that we have very little chance of getting anything from them,” he added.
