The Appellate Division of the Supreme Court today discharged the High Court's suo moto (voluntary) rule questioning the respodents' "inaction and failure" to take appropriate legal steps against the owner of S Alam Group for allegedly amassing huge amounts of property abroad without the Bangladesh Bank's permission.
The apex court, however, said the Anti-Corruption Commission (ACC) and Bangladesh Financial Intelligence Unit (BFIU) could independently take legal steps over the issue.
A six-member bench of the Appellate Division headed by Chief Justice Obaidul Hassan delivered the verdict after holding hearing on a leave to appeal petition challenging the HC order and rule that asked the authorities to probe the reported allegations against the owner of S Alam Group.
The chief justice said details of the verdict would be mentioned in its full text, which is yet to be released.
The five other judges of the bench were Justice Borhanuddin, Justice M Enayetur Rahim, Justice Md Ashfaqul Islam, Justice Md Abu Zafor Siddique and Justice Jahangir Hossain Selim.
On August 6 last year, the HC issued the suo motu rule and ordered the ACC, BFIU and the Criminal Investigation Department (CID)of police to conduct inquiry into allegations revealed in a report published by The Daily Star on August 4 and submit their reports to the HC as early as possible, preferably in two months.
In the rule, the HC asked the authorities concerned to explain why their failure and inaction in taking appropriate legal steps and action against the entities and persons mentioned in the news shall not be declared illegal, and asked them to show why they should not be directed to hold an enquiry into the allegations.
The court had asked the Bangladesh Bank governor and head of BFIU to clarify whether the BB had permitted S Alam Group to take the "money in question" to the foreign countries from Bangladesh.
The HC bench issued the order and rule after SC lawyer Syed Sayedul Haque Suman placed The Daily Star report before the HC and sought necessary directives.
According to investigative report, S Alam Group owner Saiful Alam has built a business empire in Singapore worth about $1 billion, although there is no record of him taking any permission from Bangladesh Bank to invest or transfer any funds abroad.
The Bangladesh central bank had at that time only allowed 17 companies to invest outside the country, and this Chattogram-based business giant is not one of them.
In Singapore, Alam bought at least two hotels, two homes, one retail space, and other properties over the last decade, all the while seeking to remove his name from the paper trails, documents cited by the report show.
Senior lawyers Rokanuddin Mahmud, Ajmalul Hossain and Ahsanul Karim appeared for the petitioners (S Alam Group) while Senior lawyer Khurshid Alam Khan argued for the ACC and lawyer Sayedul Haque Suman argued for himself during hearing today.
