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SC says it can’t be silent to irregularities in FIs, banks
The Supreme Court

SC says it can’t be silent to irregularities in FIs, banks

Dhaka, Feb 16 – The Appellate Division of the Supreme Court on Sunday commented that it could not remain silent after seeing the massive irregularities in separate financial institutions including banks. The four-member Appellate Division bench headed by chief justice Syed Mahmud Hossain came up with the comment while hearing on an appeal filed by shareholder directors and top executives of International Leasing and Financial Services Limited (ILFSL) against the High Court order that directed the government to seize all assets of the directors and top executives of the company.
During the hearing, attorney general Mahbubey Alam told the court that the people kept their deposit into the financial institutions including banks. But, the financial institution is going to destroy following the huge irregularities and scam into the sector, he added.
The chief law officer of the state also urged the court saying that the apex court should take initiative to protect the country’s financial institutions including banks in order to bring the faith of common people into the sector.
Later, the apex court asked Ibrahim Khaled, who was appointed as an independent director and chairman of the ILFSL following the HC order, and an executive director (ED) level official of the Bangladesh Bank to appear before the apex court on February 25 to submit their explanation over the irregularities into the financial sector.
Earlier on January 21, the HC directed the government to seize all assets of shareholder-directors and top executives of ILFSL so that they cannot transfer any of their movable and immovable properties including stocks, cash and vehicles to any person or entity.
The order was given after against petitions by ILFSL depositors amid reports of massive irregularities at the non-banking financial institution.
The HC also directed 20 directors and top executives of the company to submit their tax returns from the last five years to the court.
A single bench of the HC, comprising Justice Muhammad Khurshid Alam Sarkar, had ordered the government to seize all assets of shareholder directors and top executives of ILFSL.
The orders were issued following petitions filed by ILFSL depositors, amid reports of massive irregularities at the non-banking financial institution.
In its order, the HC bench had imposed a ban on foreign travel by all shareholder directors and top executives of the company until disposal of the petitions.
Later, the directors and top executives filed appeals with the Supreme Court against the HC order. The apex court is currently holding the hearing on their appeals.
Advocate Ahsanul Karim appeared for the directors and top executives of ILFSL during yesterday’s proceedings. – Staff Reporter

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