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Shifting Shares To Pvt Accounts

HC summons ex-chair of PLFS, 4 others on Feb 3

Published : Wednesday, 20 January, 2021 at 12:00 AM  Count : 118

The High Court (HC) on Tuesday summoned five people including Capt M Moazzam Hossain, former chairman of People's Leasing and Financial Services Ltd (PLFS), now liquidated financial institution, two of his family members and two others to appear before it on February 3.
On the day, they will have to explain before the HC the transfer of PLFS initial public offering (IPO) shares to their accounts.
The four other people are Farzana Moazzam and Eashan-E-Moazzam, daughter and son of M Moazzam Hossain, chief of E Securities Ltd and Great Walls Land Ltd.
PLFS shares were also transferred to the two company accounts headed by Capt M Moazzam Hossain.
The HC bench of Justice Muhammad Khurshid Alam Sarkar issued the summons after hearing a petition filed by Md Asaduzzaman Khan, the Provisional Liquidator of the financial institution.
Bangladesh Bank appointed Md Asaduzzaman Khan as the Provisional Liquidator of PLFS on July 14 in 2019 as per the HC order. He filed the petition on December 9 last year seeking HC directives. The HC also issued a rule asking them to explain as to why they should not be directed to transfer the shares from their accounts to PLFS account.

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