Dhaka: The High Court (HC) today adjourned till March 6 its hearing on a petition filed pleading for its direction to probe the handover of shares of Novartis Bangladesh to Radiant Pharmaceuticals Limited without any verification. A High Court division bench comprising Justice Md Iqbal Kabir and Justice Md Riaz Uddin Khan passed the order, allowing a time plea filed in this regard, as stated by the writ petitioner’s lawyer, Ektander Hossain Howlader.
According to Bangladesh Sangbad Sangstha, the adjournment was sought for submitting a supplementary application, and Barrister Muhammad Jamiruddin Sircar, the lawyer for the petitioner, was unable to appear before the court due to ill health, as mentioned by Advocate Howlader. Legal notices had been served on January 8 to three concerned officials, including the Governor of Bangladesh Bank (BB), urging the stay of the handover of shares worth Taka 230 crore of Novartis Bangladesh to Radiant Pharmaceuticals Limited.
Supreme Court lawyer Ektander Hossain Hawlader sent the notices to the BB governor, the deputy governor of the central bank’s Foreign Exchange Investment Department, and the concerned director. The notice indicated that a process was underway to sell 975,036 shares of Novartis Bangladesh, and the proposal for selling these shares to Radiant Pharmaceuticals Limited at Taka 230 crore had already been approved. This process was reportedly taking place under the guidance of Salman F Rahman, the former private industry and investment adviser to the then prime minister, Sheikh Hasina.
In Rahman’s absence, Radiant Pharmaceuticals Limited chairman Naser Shahriar Jahedi Mohul, who is allegedly managing the business interests of Sheikh Hasina and her family, is said to be advancing the process. The notice further stated that a significant amount of foreign currency could exit the country if an inflated price is paid to the foreign shareholders without considering the real market price. This action is characterized as a crime under the Money Laundering Prevention Act, 2012, and Money Laundering Prevention Rules, 2019.