SC asks govt to return Tk 615cr to 16 companies

The Supreme Court today upheld the High Court verdicts that directed the government to return around Tk 615 crore, which was realised during the emergency rule, to 16 companies.

A four-member bench of the Appellate Division headed by Chief Justice Surendra Kumar Sinha delivered the verdict after dismissing 11 appeals filed by Bangladesh Bank challenging the High Court judgment.

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Advocate Ahsanul Karim, a counsel for nine of the 16 companies, told The Daily Star that when and how the government will refund the money to the 16 companies would be known after the apex court releases the full verdict.

Replying to a question, Ahsanul said it is confusing whether the other companies from whom the government had realised the money during the emergency period can get their money back as the writ petitions, if they file, may not be acceptable due to a long delay since the incident.

Following 11 writ petitions filed by the 16 companies, the HC on different dates between 2010 and 2015 directed the government to return the money to the companies, declaring the money collection illegal.

The money was collected during the military-backed caretaker regime from seven companies of S Alam group --  S Alam Steels Ltd, S Alam Cold Rolled Steel Ltd, S Alam Brand Ltd, S Alam Vegetable Oil Ltd, Galco Steels Ltd, Chemon Ispat Ltd and S Alam Super Edible Oil Ltd [Tk 60 crore], the Consolidated Tea and Land (Bangladesh) Ltd and Boraoora (Sylhet) Tea Company [Tk 237 crore], Meghna Cement Ltd [Tk 52 crore], Bashundhara Paper Mills Ltd and East West Property Ltd [Tk 15 crore], Unique Eastern Property Ltd [Tk 90 lakh], Unique Ceramics Industries (Pvt) Ltd [Tk 70 lakh], Unique Hotel and Resort Ltd [Tk 17.55 crore], Unique Vocational Training Centre [Tk 65 lakh], Borak Real Estate (Pvt) Ltd [Tk 7.1 crore], Easter Housing Ltd [Tk 35 crore], and East West Property Development (Pvt) Ltd [Tk 189 crore].

Over Tk 1,200 crore was reportedly realised from different companies and individuals, and was deposited to the national exchequer following anti-corruption drives during the Fakhruddin Ahmed-led caretaker government.