Staff Correspondent:

The High Court has cancelled its order which had directed the Bangladesh Bank to appoint a receiver to manage 169 companies of the Beximco Group.

A bench of Justice Farah Mahbub and Justice Debashish Roy Chowdhury issued the order on Wednesday (March 12) along with nine other observations.

Bangladesh Bank lawyer Barrister Ruhul Quddus told the media that the 169 companies of Beximco Group will now be able to operate under their own management.

“However, these companies will need to follow the law and operate under supervision and monitoring while conducting their business activities,” he said.

Earlier on 19 September, the High Court had directed Bangladesh Bank to appoint a receiver to manage the operations and seize all assets of the Beximco Group of companies.

At the same time, the court had directed the central bank to recover the money allegedly laundered abroad by the group’s vice-chairman Salman F Rahman.

Subsequently, Bangladesh Bank had appointed a receiver.

A receiver, in legal terms, is an independent and impartial person appointed as a custodian of a person or entity’s property, finances, general assets, or business operations. Receivers can be appointed by courts, government regulators, or private entities.

The receiver’s role is to manage assets in accordance with the law, typically to repay debts or oversee business operations in the best interest of creditors.