SC questions BB findings on embezzlement at International Leasing
The Supreme Court yesterday raised questions about the Bangladesh Bank's findings in to the embezzlement of funds from International Leasing and Financial Services (ILFS), a non-bank financial institution.
Proshanta Kumar Halder, also referred to as PK Halder, a former managing director of NRB Global Bank and Reliance Finance, was mixed up in embezzlement of Tk 3,500 crore, according to media reports. However the central bank put the figure at Tk 1,596 crore.
"Is there any jugglery with figures [in the central bank's findings]?" questioned a three-member bench of the Appellate Division.
The bench, headed by Chief Justice Syed Mahmud Hossain, raised the question throughout a hearing on an appeal filed by ILFS's two shareholder-directors challenging the directives of the High Court.
The apex court also fixed today to pass an order on the appeal.
Earlier in the day's hearing, Md Shah Alam, an executive director of the BB, appeared before the apex court in line with its February 16 order and submitted a written statement to the court.
The central bank discovered that Tk 1,596 crore was transferred from ILFS in violation of rules through 48 accounts of varied organisations related to the directors and shareholders of the NBFI, he said.
The chief justice said: "We heard that only 1 person took away Tk 3,500 crore from the business. Is there any jugglery with figures in your findings?"
In reply, Alam said: "I don't want to create any comment about newspaper reports. PK Halder was mixed up in misappropriation of Tk 1,596 crore. We don't have any details about the misappropriation of Tk 3,500 crore from the business."
The central bank slapped an excellent of Tk 10 lakh on each of the persons involved in the embezzlement and wrote to the Anti-Corruption Commission to do this against them, he said.
Khondker Ibrahim Khaled, a former deputy governor of the BB who has been appointed as an independent chairman of ILFS by the HC, told the court that it had been difficult to keep carefully the NBFI afloat as its condition has deteriorated since 2016.
If the central bank adopts a particular scheme, the company may be saved, he said.
"About Tk 1,600 crore from ILFS was embezzled by some individuals. But there was no scope to look into the reasons behind the misappropriation of the ILFS money and we don't know about the last man who had received the money," he added.
Ahsanul Karim, a legal professional for ILFS, told the court that if the business is finished up, many directors and shareholders are affected and the condition of the financial sector will worsen.
Attorney General Mahbubey Alam represented the state and Barrister Tanjib-ul Alam appeared for the BB.
Following a petition filed by seven depositors of ILFS, the HC on January 19 banned all current shareholder-directors and top executives of the NBFI from leaving the country, including PK Halder.
According to media reports in Canada, Halder is residing in Canada and may be the director of a company named P&L Hal Holding Inc. there.
The HC also directed the authorities never to transfer some of their movable and immovable properties, including stock, cash money and cars to any persons or entities until disposal of the case.
The house affairs secretary was directed to seize the passports of all present shareholder-directors and the most notable executives of the business and collect detailed info on them.
Later two shareholder-directors of the NBFI filed an appeal with the Appellate Division against the HC directive.
