The High Court has issued a directive to appoint a receiver to oversee all companies of the Beximco Group, owned by Salman F Rahman, a private investment advisor to former Prime Minister Sheikh Hasina. Bangladesh Bank (BB) has been tasked with implementing this directive.

The ruling came from a High Court bench comprising Justice AKM Asaduzzaman and Justice Muhammad Mahbub ul Islam, following a hearing on a writ petition on Thursday.

Supreme Court Senior Advocate Masood Al Sobhan filed the writ petition, prompting the division bench to issue an interim order after taking notice of the case. The court raised a critical question: Why should the debt information of Beximco Group and companies where Salman F Rahman holds shares not be made public? Furthermore, the rule seeks to understand why a receiver should not be appointed to manage and attach all these assets of the Beximco Group.

Additionally, the High Court directed Bangladesh Bank to take steps to recover any smuggled money of the Beximco Group from abroad. The bank has been instructed to compile a report on this matter, gathering information from all other banks, and submit it to the Supreme Court within four weeks.

While the court did not name a receiver in its verdict, it mandated Bangladesh Bank to appoint one. The court also did not provide specific comments on the matter, emphasizing that these issues require further scrutiny.

The rule also inquires why Bangladesh Bank should not be directed to disclose the total outstanding loans of Beximco Group companies. The central bank has been given four weeks to respond to this rule.