Why National Bank won’t be penalised

The High Court yesterday asked authorities concerned to explain why appropriate legal measures should not be taken against National Bank and its board of directors over their alleged involvement in corruption and money laundering. 

The money laundering allegedly took place through the issuance of a letter of credit (LC) by the bank for two dummy organisations.

Issuing a rule, the HC gave the respondents -- officials concerned of the government, Bangladesh Bank and Anti-Corruption Commission -- 10 days to provide the explanation.

The HC also asked the managing director of National Bank to submit in 60 days relevant documents regarding the alleged LC issued in the names of Santana Enterprise and Inter-Asia Group PTE to import products.

The HC bench of Justice Md Nazrul Islam Talukder and Justice Khizir Hayat Lizu issued the rule and order following a writ petition filed by Supreme Court lawyer Chowdhury Hasan Mahmud Abdullah seeking necessary directives on this issue.

The writ petitioner's lawyer, Md Munsurul Hoque Chowdhury, told The Daily Star that National Bank's board of directors and their family members have reportedly misused their positions and powers.

They used dummy organisations Santana Enterprise and Inter-Asia Group PTE in the LC to launder money in the excuse of importing products from Singapore, he said.

Lawyer Shah Monjurul Hoque appeared for National Bank while Deputy Attorney General AKM Amin Uddin Manik represented the state during the hearing of the petition.