Staff Reporter :
The High Court on Tuesday reconstituted a Bangladesh Bank’s fact finding committee that was made for marking the liabilities of the central bank officials who were in charge of overseeing the activities of the financial institutions from the year 2002 to date.
The court included two persons, Moyeedul Islam, a former district and sessions judge, and Dr Nurur Rahman, a former secretary, with the five-member fact finding committee formed earlier consisting of five high officials of the central bank. The High Court bench of Justice Muhammad Khurshid Alam Sarkar passed the order after holding hearing on a petition filed in this regard.
Bangladesh Bank on February 15 this year formed a five-member fact finding committee following a High Court order. The AKM Sajedur Rahmna Khan, Deputy Governor of the central bank, was made the chairman of the committee.
Four other members are central bank’s Executive Director AKM Fazlur Rahman, General Manager of the financial stability department Dr Md Kabir Ahammad, General Manager of Banking Inspection Department-4 Md Nurul Amin and Deputy General Manager of Foreign Currency Inspection Department Md Sorowar Hossain.
The reformed seven-member committee will identify the persons who were involved with the irregularities of the three financial institutions, Bangladesh Industrial Finance Company Limited (BIFC), International Leasing and Financial Services Limited (ILFSL) and People’s Leasing and Financial Services Limited (PLFSL).
The body will also mark the liabilities of the central bank officials who were in charge of overseeing the activities of the financial institutions from the year 2002 to date.
The court said that the seven-member committee shall be competent to interrogate any officer of the Bangladesh Bank and the aforesaid financial institutions. They can ask any document from the above mentioned financial institutions, added the court in its order.
If the independent court-appointed members of the committee suggest any issue, the chairman and other members of the committee shall implement the same.
If it is found that any of the members of the committee is involved with any transaction of the three financial institutions then the said member will be refrained from his duty, also read the court order.
In an order, the High Court bench on December 17 in 2020 observed, “For the case in hand, the General Managers who were in charge of overseeing the activities of the Financial Institutions from the year 2002 to date should be made answerable for causing the disaster in the Financial Sector.”
The court expected that “The Governor of Bangladesh Bank shall look into the matter for the greater interest of the nation in order to dismantle the prowess and ill-planes of the offenders, so that no further public money is purloined by the crook businessmen in collaboration with the unscrupulous Bangladesh Bank officials.”
Following the observation, the Bangladesh Bank has formed the fact finding committee, said Barrister Khan Mohammad Shamim Aziz, a counsel for the central bank.
Justice Muhammad Khurshid Alam Sarkar made the observation following a company application filed under Section 233 of the Companies Act, 1994.
‘Tees Mart Inc’, a company holding 10% shareholder of Bangladesh Industrial Finance Company Limited (BIFC), filed the petition in March last year seeking HC directives to remove present Board of Directors of the BIFC.
Barrister Omar Farouq appeared in the court on behalf of Tees Mart Inc., while Barrister Khan Mohammad Shamim Aziz represented the state.
