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Latifur's younger daughter brings charges against Transcom chairman, CEO

Published : Friday, 23 February, 2024 at 8:20 PM  Count : 4990

From left: Late businessman Latifur Rahman's younger daughter Sharzeh Huq, her elder sister Simeen Rahman and mother Shahnaz Rahman

From left: Late businessman Latifur Rahman's younger daughter Sharzeh Huq, her elder sister Simeen Rahman and mother Shahnaz Rahman

Five senior officials of Transcom Group have been granted bail on Friday following their arrest in a case filed over late businessman Latifur Rahman's younger daughter against her elder sister and mother the alleged embezzlement of shares worth Tk 100 crore and transfer of shares illegally.

Producing the five Transcom officials before the court of Dhaka Metropolitan Magistrate Shanta Akter on Friday afternoon, police pleaded to place them on a 10-day remand for questioning.
Besides, the lawyers for the accused appealed to the court to grant their clients bail.

Later, magistrate Shanta Islam rejected the remand petition and granted them bail.

Three cases were filed by Latifur Rahman's younger daughter Shazreh Huq against her elder sister Simeen Rahman, mother Shahnaz Rahman and Simeen's son Zaraif Ayaat Hossain.

Shazreh Huq is a director of Transcom Group, Shahnaz Rahman is the chairman, while Simeen the CEO, and Zaraif the head of information.

On February 21 (Wednesday), Sharzeh Huq filed the cases against her mother and elder sister at Gulshan Police Station.

The PBI arrested Transcom Group's legal adviser Fakhruzzaman Bhuiyan, director (Corporate Finance) Kamrul Hasan, director (Corporate Finance) Abdullah Al Mamun, Assistant Company Secretary Mohammad Mossadeq and Manager (company secretary) Abu Yusuf Md Siddique at Gulshan in Dhaka on that day.

The charges Sharzeh Huq brought in her cases were embezzlement of Tk 100 crore, unlawful possession of property and illegal transfer of shares, said Jahangir Alam, special police super of Dhaka North at the Police Bureau of Investigation (PBI).

Apart from filing cases against the Transcom Group's five officials, PBI sources said, the plaintiff Sharzeh Huq also implicated her mother and elder sister in the cases.

In the case filed over embezzlement of Tk 100 crore, Sharzeh Huq alleged that her father Latifur Rahman had died leaving some Tk 100 crore in different accounts and FDRs (fixed deposit receipts). Her mother Shahnaz Rahman was the nominee of the money. Following the death of Latifur Rahman on July 1, 2020, the money was scheduled to be divided among his heirs, but her elder sister Simin Rahman transferred the entire amounts of money to her and her mother's bank accounts after her father's death.

Sharzeh Huq also alleged that her elder sister transferred 18 per cent of shares of Transcom Electronics to her account on August 3, 2020 showing the excuse that she had bought those shares at Tk 60 crore.

In another case filed over depriving her from Transcom Group's shares, she alleged that her sister, in connivance with four other officials of the conglomerate took over the ownership of majority of the Transcom's shares unlawfully by making three forms 117 (transfer deeds) through forgery and submitting those to the Registrar of Joint Stock Companies and Firms though she had never signed on the transfer deeds (Form 117).

In the fourth case, the plaintiff alleged that her mother and sister, in connivance with three offcials, prepared deeds of settlement forging the signatures of her and her brother Arshad Waliur Rahman. Then using those deeds of settlement, Simin and Shahnaz transferred the Transcom Group's shares to their names, declaring themselves as the chairman, managing director and CEO unilaterally.

Sub-Inspector Shah Alam, general recording officer of court police, said the judge granted the accused bail because of a lack of documents and legal foundation for their remand.

Defence lawyers, including Dhaka Bar Council President Mizanur Rahman and Sheikh Baharul Islam, argued that charges like illegal possession of property or embezzlement of funds should not have been brought while a case over the same dispute is awaiting disposal in a civil court.

Simeen and Shahnaz could not be reached for comments.

Transcom Group founder Latifur Rahman died at the age of 75 due to old age complications on July 1, 2020.


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