Bangladesh

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HC summons ex-PLFS chair

Staff Correspondent | Published: 23:55, Jan 19,2021

 
 

The High Court on Tuesday summoned People’s Leasing and Financial Services Limited’s former board chairman and retired captain M Moazzam Hossain and his two family members to explain their positions on the allegation that they had transferred PLFS’s shares to their personal accounts.

The two others, who were summoned along with Moazzam to appear before the court on February 3, are his family members — Farzana Moazzam and Eashan-E-Moazzam.

The company’s initial public offering shares were transferred to the accounts of E Securities Limited and Great Walls Land Properties Limited and Moazzam was the chiefs of the two companies.

PLFS paid Tk 62.55 million to buy shares of SS Steel Limited in 2015.

SS Steel got approval for IPO shares in 2018 and the company transferred 3.13 million shares worth Tk 10 each to the account of PLFS in 2015.

But 3.12 million more shares obtained from the company were deposited in the personal accounts of M Moazzam and his two family members and E Securities Limited and Great Walls Land Properties Limited.

The court also issued a ruling askingthe three to explain in four weeks why they would not be directed to return the shares to the account of PLFS.

The one-member company bench of Justice Muhammad Khurshid Alam Sarkar issued the directive after hearing a petition filed by M Asaduzzaman Khan, the provisional liquidator of PLFS.

Supreme Court lawyer Mejbahur Rahman appeared for the Bangladesh Bank.

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