Writ against Tk230cr Novartis shares transfer to be placed another HC bench: Petitioner
Following the court’s decision, writ petitioner Advocate Iktandar Hossain Hawlader told the media that he would move to another High Court bench for a hearing
The writ seeking to prevent the transfer of 60% of Novartis Bangladesh Ltd's shares, worth Tk230 crore, to Radiant Pharmaceuticals will be placed before another High Court bench, the petitioner said.
A High Court division bench of Justice Md Khairul Alam and Justice KM Imrul Kayes removed the petition from the day's cause list today (10 February).
Following the court's decision, writ petitioner Advocate Iktandar Hossain Hawlader told the media that he would move to another High Court bench for a hearing.
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In court, Radiant's lawyers—Zainul Abedin, Barrister Kaiser Kamal, BM Elias Kochi, Barrister Sajjad Haider, and several others from the Jatiyatabadi Ainjibi Forum—argued against proceeding with the writ. The court subsequently removed the matter from the cause list.
The shares of Novartis serve the interest of Salman F Rahman, an adviser to the former Sheikh Hasina government, the petitioner says.
Earlier on 27 January, Supreme Court lawyer Advocate Iktandar filed the writ petition.
On 28 January, the HC issued a "standover" for one month on a writ seeking prevention of the transfer of Novartis Bangladesh Ltd shares after the Anti-Corruption Commission (ACC) informed the court that the allegation of money laundering through the transfer of the shares between the two companies is currently under investigation.
In the writ, 10 people, including the secretaries to the Ministry of Finance and Ministry of Industries and Bangladesh Bank governor, have been made respondents.
Alleging money laundering through the acquisition of 60% or 9,75,036 Novartis' shares by Radiant Pharmaceuticals for Tk230 crore, the writ sought court directives to investigate it, and also asked for a stay on the share transfer.
Earlier on 8 January, Legal notices were served on three officials concerned, including the governor of the Bangladesh Bank (BB), urging them to stay handing over of share of Novartis Bangladesh.
The notice says the shares of Novartis serve the interest of Salman F Rahman, an adviser to the former Sheikh Hasina government.
It further states that previously, the acquisition process of the shares was supposed to be done under the leadership of Salman F Rahman, who is also the chairman of Beximco Pharmaceutical Ltd.
But considering the changed circumstances following 5 August [ouster of the Hasina government], the process is ongoing through Radiant Pharmaceuticals Ltd, a relatively lesser-known company catering to the interests of Sheikh Hasina and her family.
"In the absence of Salman F Rahman, Radiant Pharmaceuticals Chairman Nasser Shahriar Zahedi Mahul is currently looking after matters related to Sheikh Hasina and her family's business interests," it adds.
The notice also claims that in fixing the share price, market rates were ignored, and an additional selling price was determined based on a secret agreement. "As such, paying the additional price to non-resident shareholders will result in a huge amount of foreign currency exiting Bangladesh, which is a crime under the Prevention of Money Laundering Act."
Radiant Pharmaceuticals Chairman Nasser Shahriar Zahedi Mahul, who is also the vice president of Jhenaidah district Awami League, won the 2024 parliamentary polls from Jhenaidah-2 as a dummy candidate from the Awami League.
