Tk 472cr embezzlement: HC blasts BPC for its inaction

The High Court today blasted Bangladesh Petroleum Corporation (BPC) for not taking any effective action against its subsidiary, Standard Asiatic Oil Company (SAOC), over the irregularities involving Tk 472 crore.

"Tk 470 crore from Standard Asiatic Oil Company has been embezzled and laundered. But there is no effective action in this regard. Does Bangladesh Petroleum Corporation only sleep?" the HC bench of Md Nazrul Islam Talukder and Justice Khizir Hayat Lizu said during a hearing of a suo muto rule on this issue.

BPC's lawyers, Mohammad Mezbah Uddin and Md Abdus Samad Azad, replied that Mohammad Shaed, a former managing director of SAOC, is the mastermind of the misappropriation and laundering of the money, but he died of Covid-19.

They also said the BPC has formed a committee to conduct an inquiry into financial anomalies in the SAOC and sought time for placing updates before the court.

Also today, the Comptroller and Auditor General's (CAG) office submitted a compliance report through Deputy Attorney General AKM Amin Uddin Manik, saying the report published by The Daily Star on November 4 last year under the headline "A BPC concern robs state coffers of Tk 472.7cr" is authentic.

The HC bench asked BPC and Anti-Corruption Commission (ACC) to submit their progress reports on this matter to this court by January 29.

On November 30 last year, the bench directed the BPC and CAG to submit separate reports on actions taken against SAOC over Tk 472 crore irregularities.

Following The Daily Star report, the HC on November 6 last year issued the suo muto rule asking BPC and CAG to explain what actions were taken against SAOC for the irregularities involving over Tk 472 crore.

The court also asked the ACC to update it about the proceedings of the case filed against Moinuddin Ahmed, one of SAOC's five directors and the president of its management advisory committee, who was found involved in the irregularities.

The HC rule also asked the authorities concerned and the ACC to explain days why their inaction towards the irregularities by the SAOC should not be declared illegal.

ACC lawyer Khurshid Alam Khan placed the report before the HC bench for passing necessary directives on the issue.