Order to revive People’s Leasing

Senior Reporter: People’s Leasing and Financial Services Limited (PLFSL) will be re-launched. The High Court has ordered to revive the institution. The court has also formed a committee for this.

A single virtual high court bench of Justice Muhammad Khurshid Alam Sarkar passed the order on Monday after hearing the pleas of the depositors of the financial institution.

The concerned lawyers said that it will be known in the written order who will be in the committee formed by the order of the High Court. Ahsanul Karim, a lawyer for the depositors, said on Monday that the court had ordered the company to be reopened in response to the petitioners’ plea.

It also called for the formation of a committee headed by a lawyer or a retired judge to run the company. The committee will also have an auditor and a representative of the depositors.

Lawyer Ahsanul Karim further said that the new committee will take all necessary steps to recover the loan from the borrowers of the company. Besides, he will find new and interested investors to invest in the company and hand over the responsibility of the company to them.

The government decided to liquidate the company in 2019 after failing to return money to customers due to irregularities and corruption. On November 24, 1997, the central bank approved People’s Leasing as a financial institution, which was also responsible for its maintenance. The company is now bankrupt due to poor supervision and irregularities of the directors. Bangladesh Bank has appointed a liquidator in the company by a court order.

Meanwhile, the government wants to restructure the institution without terminating it. As part of that, work has begun to identify the actual damage to the organization.

According to Finance Ministry sources, Alamgir Shamsul Alamin, former director of People’s Leasing, is leading the restructuring process. He is accompanied by Mostafa Rafiqul Islam, head of Flora Telecom, a software provider in the financial sector, and Riaz Islam, CEO of LR Global Bangladesh, a stock market asset management company.

Hawladar Yunus & Company has already been appointed to audit the company.

Source: Daily StockBangladesh by www.dailystockbangladesh.com.

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