Staff Reporter :
The Supreme Court on Tuesday stayed its earlier verdict that directed the government to return Tk 615 crore to 17 companies and several business people, an amount they were forced to deposit with Bangladesh Bank as tax against their hidden money during the last Caretaker Government’s tenure as per their claim.
A seven-member Bench of the Appellate Division of the SC headed by Chief Justice Syed Mahmud Hossain passed the order after hearing an appeal and 13 review petitions filed by the government and Bangladesh Bank challenging its earlier verdict and a contempt of court petition filed by a company which had deposited money.
The apex court also allowed the government and Bangladesh Bank to move separate appeals with the Appellate Division against the High Court (HC) verdicts that had also ordered the government to return the money.
Attorney General Mahbubey Alam told the journalists that the government need not return the money to the companies and businessmen following the apex court’s order until it hears the appeals against the HC verdict.
The SC passed yesterday’s order on the ground that the money was deposited to the state fund as black money which cannot be returned, the AG said.
Besides, the companies and the businessmen had deposited the money to the Bangladesh Bank voluntarily so they cannot ask for return, he added.
Barrister M Amir-Ul Islam, the lawyer for Bangladesh Bank, told reporters that the HC had directed the Bangladesh Bank to return the money in view of some writ petitions, although the writ petitions are not acceptable over the money returning issues.
Money suits might have been filed for returning the deposited money, the lawyer added.
Advocate Ahsanul Karim, a lawyer for the companies, told that the Bangladesh Bank need
not return the money to his clients following the SC order. The HC delivered 11 verdicts on different dates between 2010 and 2015 and directed the government to return the money to the companies, declaring the money collection illegal.
In one of its judgments on August 24, 2010, the HC also asked the government to return the money and take legal action against those who forced the companies to deposit the money through abuse of power.
On March 16 last year, the Appellate Division dismissed 11 appeals challenging 11 HC verdicts that had directed the government to return Tk 615 crore to 17 companies and several business people who were forced to deposit the amount to the Bangladesh Bank as tax against their alleged hidden money during the last Caretaker Government’s tenure.
Later on, the government and Bangladesh Bank filed an appeal and 13 separate review petitions with the SC challenging its verdict.
East West Property Dev (Pvt) Ltd, a company which was forced to deposit money to Bangladesh Bank during the regime of the Army backed Caretaker Government, filed a contempt of court petition with the SC against government for not returning its money.
Yesterday the SC passed the order after holding hearing on all the pleas.
The companies include S Alam Steel Ltd, Meghna Cement Mills Ltd, Bashundhara Paper Mills Ltd, Unique Hotel and Resort Ltd, Eastern Housing Ltd and the Consolidated Tea and Land (Bangladesh) Ltd, among others.
During the 2007-08 tenure of the Army backed Caretaker Government, an unprecedented Anti-Corruption crackdown was launched by Army led taskforces under the National Coordination Committee.
The joint forces investigating high profile financial crimes had interrogated a number of corruption suspects and business people. At least 40 companies and individuals had to deposit more than Tk 1,200 crore with the central bank following the drive.
After the AL took office in January 2009, the companies wrote to the government, asking for return of their money. But their requests were turned down. Later, the 17 companies filed petitions with the HC, seeking a refund with interest.
The Supreme Court on Tuesday stayed its earlier verdict that directed the government to return Tk 615 crore to 17 companies and several business people, an amount they were forced to deposit with Bangladesh Bank as tax against their hidden money during the last Caretaker Government’s tenure as per their claim.
A seven-member Bench of the Appellate Division of the SC headed by Chief Justice Syed Mahmud Hossain passed the order after hearing an appeal and 13 review petitions filed by the government and Bangladesh Bank challenging its earlier verdict and a contempt of court petition filed by a company which had deposited money.
The apex court also allowed the government and Bangladesh Bank to move separate appeals with the Appellate Division against the High Court (HC) verdicts that had also ordered the government to return the money.
Attorney General Mahbubey Alam told the journalists that the government need not return the money to the companies and businessmen following the apex court’s order until it hears the appeals against the HC verdict.
The SC passed yesterday’s order on the ground that the money was deposited to the state fund as black money which cannot be returned, the AG said.
Besides, the companies and the businessmen had deposited the money to the Bangladesh Bank voluntarily so they cannot ask for return, he added.
Barrister M Amir-Ul Islam, the lawyer for Bangladesh Bank, told reporters that the HC had directed the Bangladesh Bank to return the money in view of some writ petitions, although the writ petitions are not acceptable over the money returning issues.
Money suits might have been filed for returning the deposited money, the lawyer added.
Advocate Ahsanul Karim, a lawyer for the companies, told that the Bangladesh Bank need
not return the money to his clients following the SC order. The HC delivered 11 verdicts on different dates between 2010 and 2015 and directed the government to return the money to the companies, declaring the money collection illegal.
In one of its judgments on August 24, 2010, the HC also asked the government to return the money and take legal action against those who forced the companies to deposit the money through abuse of power.
On March 16 last year, the Appellate Division dismissed 11 appeals challenging 11 HC verdicts that had directed the government to return Tk 615 crore to 17 companies and several business people who were forced to deposit the amount to the Bangladesh Bank as tax against their alleged hidden money during the last Caretaker Government’s tenure.
Later on, the government and Bangladesh Bank filed an appeal and 13 separate review petitions with the SC challenging its verdict.
East West Property Dev (Pvt) Ltd, a company which was forced to deposit money to Bangladesh Bank during the regime of the Army backed Caretaker Government, filed a contempt of court petition with the SC against government for not returning its money.
Yesterday the SC passed the order after holding hearing on all the pleas.
The companies include S Alam Steel Ltd, Meghna Cement Mills Ltd, Bashundhara Paper Mills Ltd, Unique Hotel and Resort Ltd, Eastern Housing Ltd and the Consolidated Tea and Land (Bangladesh) Ltd, among others.
During the 2007-08 tenure of the Army backed Caretaker Government, an unprecedented Anti-Corruption crackdown was launched by Army led taskforces under the National Coordination Committee.
The joint forces investigating high profile financial crimes had interrogated a number of corruption suspects and business people. At least 40 companies and individuals had to deposit more than Tk 1,200 crore with the central bank following the drive.
After the AL took office in January 2009, the companies wrote to the government, asking for return of their money. But their requests were turned down. Later, the 17 companies filed petitions with the HC, seeking a refund with interest.
