The six member Appellate Divisions bench, headed by the Chief Justice Sayed Mahmud Hossain, dismissed a leave to appeal petition on Thursday
The Appellate Division of the Supreme Court has upheld a High Court order to freeze the bank accounts of former directors of Peoples Leasing and Financial Services (PLFS).
As the order remains, the former directors cannot sell any of their properties.
The six member Appellate Divisions bench, headed by the Chief Justice Sayed Mahmud Hossain, dismissed a leave to appeal petition on Thursday that was filed against the High Court order by former People's Leasing Director Capt M Moazzam Hossain.
Senior lawyers Ajmalul Hossain QC, Kamrul Haque Siddiqui and AM Aminuddin stood for the petition while Mahbubey Alam accompanied by Barrister Tanjib-ul Alam and Ershad Alam represented the Bangladesh Bank.
Barrister Ershad Alam said the order of the High Court was upheld. As a result, any former director of People's Leasing will not be able to sell their property. Their bank accounts will remain freeze.
On July 14, Bangladesh Bank filed a petition with the High Court seeking liquidation of PLFS as the organization’s financial health deteriorated badly in recent times because of loan irregularities.
The High Court accepted the petition and passed an order to freeze all bank accounts of former directors of People's Leasing and Financial Services (PLFS), who were appointed before 2015.