The High Court has withdrawn its earlier directive instructing the Bangladesh Bank to appoint a receiver to oversee 169 companies under the Beximco Group.
The bench, comprising Justice Farah Mahbub and Justice Debashish Roy Chowdhury, issued the order today (12 March) along with nine additional observations.
Following the decision, the 169 companies under the Beximco Group will now continue to operate under their existing management, Bangladesh Bank lawyer Barrister Ruhul Quddus told media.
"However, these companies will need to follow the law and operate under supervision and monitoring while conducting their business activities," he said.
Earlier on 19 September, the High Court had directed Bangladesh Bank to appoint a receiver to manage the operations and seize all assets of the Beximco Group of companies.
At the same time, the court had directed the central bank to recover the money allegedly laundered abroad by the group's vice-chairman Salman F Rahman.
Subsequently, Bangladesh Bank had appointed a receiver.
A receiver, in legal terms, is an independent and impartial person appointed as a custodian of a person or entity's property, finances, general assets, or business operations. Receivers can be appointed by courts, government regulators, or private entities.
The receiver's role is to manage assets in accordance with the law, typically to repay debts or oversee business operations in the best interest of creditors.
