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The High Court has issued a rule questioning why a receiver should not be appointed to oversee the business concerns of Beximco Group and manage its assets. The court also seeks explanations from relevant government bodies on why they should not provide details about Beximco Pharmaceuticals and other companies within the group, including the status of loans and repayments. The court has directed Bangladesh Bank and others to respond within four weeks.
Additionally, the court asked why a waiver exempting Beximco Pharmaceuticals from loan repayment for 25 years should not be rescinded and why funds acquired by the group’s owner from various banks should not be recovered from abroad. The owner of Beximco was recently arrested on charges unrelated to financial misconduct, but concerns have been raised over his role in fostering a culture of loan defaults, which has harmed Bangladesh’s banking sector. The hearing was part of a public-interest litigation.
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