The High Court yesterday gave a status quo order for six months on Prime Minister’s Special Envoy Hussain Muhammad Ershad and Union Bank Ltd, imposing a bar on transferring his shares of the bank.
A High Court bench of Justice Md Rezaul Hasan passed the order in response to a petition lodged by Golam Moshi, a promoter of the bank and also a Jatiya Party leader. The plaintiff alleged that Ershad, also the chairman of Jatiya Party and Union Bank, had not complied with an agreement between them over the transfer of the bank’s shares.
Kazi Aktar Hamid, the lawyer of the petitioner, confirmed to the Dhaka Tribune that Ershad would not be able to transfer his shares of the newly-opened bank for next six months.
Earlier, the government issued a banking license for the Jatiya Party chairman, then a key ally of grand alliance. S Alam Group financed the TK400 crore paid as capital for the bank and gave TK 40 crore as well as 30% share to Ershad for his contribution.
According to a deal, Ershad agreed to transfer 6% of his share and pay Tk6.33 crore to Moshi for his contribution to the company before its incorporation on 7th March, 2013. Ershad signed the agreement on 22nd July, 2012.
However, Ershad did not comply with the agreement, even a year after the enlistment of the bank.
Union Bank Managing Director Shahidul Alam, Chairman HM Ershad, Registrar of Joint Stock Companies and two others were made respondents in the petition, filed yesterday by Supreme Court lawyer AQM Sohel Rana on behalf of Moshi.
The plea sought the recovery of the shares and cash from the special aide of the Prime Minister, in line with the agreement.
