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Embezzlement From ILFSL 

SC questions BB findings over PK Haldar’s stolen amount

Published : Wednesday, 26 February, 2020 at 12:00 AM  Count : 155

The Appellate Division of the Supreme Court on Tuesday questioned the Bangladesh Bank findings on embezzlement of Tk 1,600 crore by Proshanto Kumar Haldar (PK Haldar) from the International Leasing and Financial Services Ltd (ILFSL), a non-banking financial institution.
Mohammad Shah Alam, Executive Director of Bangladesh Bank, informed the apex court that Tk 1,596 crore of the ILFSL has been embezzled by violating rules. PK Halder, former
managing director of NRB Global Bank and Reliance Finance Ltd, has taken away over Tk 1,600 crore.
PK Haldar, who was director of the International Leasing and Financial Services and managing director of the NRB Global Bank and the Reliance Finance Ltd, has embezzled around Tk 3,500 crore from the three financial institutions, he said in a written statement submitted by the central bank to the court.
After getting the statement, the apex court led by Chief Justice Syed Mahmud Hossain, while hearing on the issues, raised question on the  central bank's findings submitted before the court.
After hearing on the issues, the court fixed Wednesday for passing order on an appeal filed by two shareholder-directors of ILFSL.
On February 16, the Appellate Division asked Bangladesh Bank to send an officer not below the rank of an executive director and the High Court appointed independent director and chairman of ILFSL Ibrahim Khaled on February 25 to inform it on its overall situation.
According to the SC's earlier order they appeared before the court on Tuesday and the authorized officer of BB submitted a written statement in the court regarding the ILFSL.
Adv Ahsanul Karim appeared in the court for the shareholder-directors of ILFSL, Barrister Tanjib-ul Alam appeared for Bangladesh Bank and Attorney General Mahbubey Alam represented the State.
During the hearing, High Court appointed Chairman of ILFSL Ibrahim Khaled said it was very difficult to keep the non-banking financial institution viable at this stage.
He was not getting encouragement to bring the institution back to its normal situation. But if the Bangladesh Bank take any special scheme to save it, then it might be possible, opined the veteran banker.
He also said, "Peoples leasing has been liquidated earlier. Now, if the ILFSL faces the same consequence then the financial sector may collapse. Whatever the government may say, the condition of non-banking financial sector of the country is very fragile."
"About Tk 1,600 crore of ILFSL has been embezzled by some people. But there was no permission to look into the reasons of misappropriation of the ILFSL money and we don't know about the last man who received the money."
Quoting from the statement the authorized officer of BB said they found Tk 1,596 crore has been transferred from the institution beyond the legal system against 48 accounts of various organizations related to the directors and shareholders of ILFSL.
Then the chief justice said, "We heard that only one person took Tk 3,500 crore from the company. Then is there any dodging in your tally?"
In reply the BB official said, "I don't want to make any comment about the newspaper reports. PK Halder was involved in the misappropriation of the amount of Tk 1,596 crore. But we don't have any information of misappropriation of Tk 3,500 crore from this company."
Then the apex court asked the BB official as to what steps they had taken then? In reply Md Shah Alam said Bangladesh Bank has given directives to ILFSL time to time. But all the directives were not followed by the ILFSL authorities.
Adv Ahsanul Karim said, "There were some good shareholder-directors along with the bad one. If the company is abolished, many reputed directors and shareholders will suffer.
On January 19 this year the HC imposed ban on the present shareholder-directors and the top executives of the International Leasing and Financial Services Ltd (ILFSL), including the much-talked-about PK Halder from leaving the country.
The court also directed the authorities concerned not to transfer any of their movable and immovable properties, including stock, cash, cars etc, to any persons or entity till disposal of the case filed with the High Court in this regard.
The HC also appointed Ibrahim Khaled, former deputy governor of the Bangladesh Bank, as an independent director and chairman of the ILFSL.
Later two shareholder-directors of the ILFSL filed an appeal petition with the Appellate Division against the HC order. After primary hearing on the appeal petition, the apex court on February 16 sought explanation from Ibrahim Khaled.

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