The High Court has ruled that Beximco Group will continue its operations under its own management, without the appointment of a receiver. However, the group will be under strict supervision from Bangladesh Bank and other relevant regulators.
The bench of Justice Farah Mahbub and Justice Debashish Roy Chowdhury delivered the verdict on Wednesday, disposing of the rule for appointing a receiver.
Barristers Ruhul Quddus Kazal and Md Moniruzzaman represented Bangladesh Bank in court, while Barrister Masud R Sobhan appeared for the opposing party.
Previously, on September 5, 2024, the High Court had ordered the appointment of a receiver to oversee all Beximco Group companies. The same order instructed Bangladesh Bank to take necessary measures to recover funds borrowed from various banks by Beximco Pharmaceuticals Limited’s founder, Salman F Rahman, and to repatriate any laundered money.
Since the downfall of the Awami League government on August 5, Beximco Group has been facing significant turmoil. Salman Rahman, former private industry and investment advisor to the ousted prime minister Sheikh Hasina and vice-chairman of Beximco Group, is currently incarcerated.
On February 27, Labour and Employment Advisor M Sakhawat Hussain announced that the interim government had formed a high-level committee to oversee the rehabilitation of 14 factories at Beximco Industrial Park, where layoffs were announced. The plan includes settling Tk 5.25 billion in dues for 31,669 workers and 1,565 officials, with hopes that foreign investment will soon help rehabilitate Beximco.
The High Court ruled that Beximco’s thousands of workers would benefit if the group managed its operations independently. However, the decisions made by the previously appointed receiver will remain valid. The court also directed Bangladesh Bank and other regulators to ensure proper monitoring of Beximco companies.
Beximco Group has 189 companies, 169 of which are registered as public limited firms. The initial order in August imposed a receiver for six months across these companies, but the Appellate Division later overturned the receiver appointment for Beximco Pharma. Wednesday’s ruling extended the decision to all other Beximco companies.
