The Supreme Court upheld the appointment of Khondkar Ibrahim Khaled as an independent director and the chairman of International Leasing and Financial Services Ltd
The Appellate Division of the Supreme Court today upheld a High Court order asking the authorities to confiscate all assets and passports and freeze the bank accounts of PK Halder and his 19 accomplices.
The apex court also upheld the appointment of Khondkar Ibrahim Khaled, former deputy governor of the Bangladesh Bank, as an independent director and the chairman of International Leasing and Financial Services Limited (ILFSL).
The Appellate Division bench headed by Chief Justice Syed Mahmud Hossain turned down an appeal against the High Court order.
Bashudeb Banerjee and Papiya Banerjee, directors of the non-bank financial institution, moved the appeal.
The leasing company has been under a cloud over defaults in deposits and loans of over Tk3,500 crore. A large portion of depositors' money has allegedly been embezzled by its board members.
PK Halder, former chairman of ILFSL and former managing director of NRB Global Bank and Reliance Finance Ltd, fled the country after taking out around Tk3,500 crore in loans from different lenders.
The 19 others are either directors of the ILFSL or family members or friends of PK Halder.
Based on a petition by seven investors of the ILFSL, the High Court on January 21 directed the home ministry to confiscate all assets and passports of PK Halder and 19 others.
It also asked the Bangladesh Bank to freeze their bank accounts and ordered that Ibrahim Khaled be appointed an independent director and the chairman of the leasing company.