High Court: Beximco Group to Manage Its Own Affairs; Receiver Not Needed

The High Court (HC) today ruled that the appointment of a receiver to oversee Beximco Group is no longer necessary, allowing the conglomerate to resume independent management of its affairs.

However, the court upheld the functions performed by the receiver, appointed by Bangladesh Bank on November 10 last year, saying they were legally justified.

The bench of Justice Farah Mahbub and Justice Debasish Roy Chowdhury delivered the verdict after hearing a writ petition filed by Supreme Court lawyer Masood R Sobhan.

While allowing Beximco Group to resume control, the HC directed Bangladesh Bank to take appropriate action against financial irregularities, particularly concerning loan disbursement to the group. The ruling underscores concerns over alleged mismanagement and financial misconduct.

Background of the Case

• On September 5 last year, in response to the same writ petition, the HC ordered Bangladesh Bank to appoint a receiver for six months to manage Beximco Group and attach all its properties.
• The court also ordered the recovery of funds obtained by Salman F Rahman, founder of Beximco Pharmaceuticals Limited, from various banks and to bring back any transferred funds from abroad.
• Following this directive, Bangladesh Bank appointed Executive Director Md Ruhul Amin as the receiver on November 10 to oversee the group’s financial operations.