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Ibrahim Khaled says in SC Condition of non-banking financial instts very fragile

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Staff Reporter :
Former Deputy Governor of Bangladesh Bank Khandaker Ibrahim Khaled on Tuesday said in the Appellate Division of the Supreme Court that whatever the government might say the condition of non-banking financial services of the country is very fragile.
"Peoples Leasing and Financial Services Limited, a non-banking financial institution, has been declared wind up earlier. Now if the International Leasing carries the same consequence then the financial sector may collapse," added the veteran banker.
To comply with an earlier order of the Appellate Division, the former Bangladesh Bank deputy governor appeared in the court yesterday.
During holding hearing on an appeal petition, the apex court on February 16 this year asked Ibrahim Khaled to explain the condition of International Leasing and Financial Services Limited in writing.
Khandaker Ibrahim Khaled, a High Court appointed independent Director and Chairman of the International Leasing and Financial Services Limited (ILFSL), also said that it would be very difficult to keep viable this non-banking financial institution at this stage.
He was not getting courage to bring the institution back to its normal situation. But if the   Bangladesh Bank take any special initiatives to save the institution then it might be possible, opined Ibrahim Khaled.
Bangladesh Bank Executive Director Md Shah Alam also appeared in the court complying with the apex court order. He submitted a written statement in the court regarding the International Leasing and Financial Services Limited.
Quoting from the statement, the official said they found that Tk 15.96 billion has been transferred from the institution in extra legal system against 48 accounts of various organizations related to the directors and shareholders of ILFSL.
Then the chief justice said, "We heard that only one person took Tk 35.00 billion from the company. Then is there any dodging in your tally?"
In reply, the official said, "I don't want to make any comment about the newspaper reports. PK Halder was involved with the misappropriation of Tk 15.96 billion. But we don't have any information of misappropriation of Tk 35.00 billion from this company."
Following a petition filed by seven depositors of ILFSL, the HC on January 19 this year imposed ban on leaving the country of all the present shareholder-directors and the top executives of the ILFSL, including much talked about PK Halder.
The court also directed the authorities concerned not to transfer any of their movable and immovable properties, including stock, cash-money, cars etc, to any persons or entity till disposal of the case filed with the High Court in this regard.
Later, two shareholder directors of the ILFSL filed an appeal petition with the Appellate Division against the High Court order. After primary hearing on the appeal petition, the apex court on February 16 sought explanation from Ibrahim Khaled.
Concluding the hearing on the appeal petition on Tuesday, a three-member bench of the Appellate Division headed by Chief Justice Syed Mahmud Hossain fixed Wednesday (today) for passing order.
Advocate Ahsanul Karim appeared in the court for the two shareholder directors of ILFSL, Barrister Tanjib-ul Alam appeared for Bangladesh Bank and Attorney General Mahbubey Alam represented the state.

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