DHAKA, Feb 10, 2025 (BSS) - The writ petition regarding the transfer of shares of Novartis Bangladesh Limited has been removed from the cause list.

A High Court division bench comprising Justice Md. Khairul Alam and Justice K. M. Emrul Kayesh passed the order today.

Writ petitioner Advocate Iqtandar Hossain Howlader told BSS that the writ was for hearing in the motion column today. At one stage, the court removed the case from the cause list in view of the lawyer's application, he said, adding that it will be mentioned for hearing in another bench under its jurisdiction.

Advocate Iqtandar Hossain Howlader said the hearing of the writ petition seeking stay of the share transfer of Novartis Bangladesh Limited to prevent money laundering in the share transfer process was adjourned on January 26. 

On that day, the ACC informed the court that an investigation was being conducted into the share transfer of Novartis Bangladesh and Radiant Pharmaceuticals. 

A High Court division bench comprising Justice A. K. M. Asaduzzaman and Justice Syed Enayet Hossain ordered adjournment of the hearing on the matter for one month.

In the writ, 10 people including the Finance Secretary, ACC Chairman, Industries Secretary, and Bangladesh Bank Governor were made as respondents. 

It mentioned that money was allegedly laundered in acquisition of Novartis shares by Radiant Pharmaceuticals Limited.

The writ petitioner had earlier sent a legal notice to the concerned parties on January 8 to prevent the transfer of shares worth Tk 230 crore of Novartis. 

The legal notice was sent to Bangladesh Bank Governor Ahsan H. Mansur and other concerned parties, seeking a stay on the transfer of about one million shares of Novartis Bangladesh Limited worth Tk 230 crore to Radiant Pharmaceutical Limited. 

These shares are linked with Salman F. Rahman, the private industry and investment adviser to the former Prime Minister Sheikh Hasina.

The notice stated that efforts are underway to sell 60 percent shares, or 975,036 shares, of Switzerland-based multinational pharmaceutical company Novartis Bangladesh. 

The proposal to sell the shares through Radiant Pharmaceuticals Limited for Tk 230 cr has been finally approved.
 
Earlier, the purchase and sale process was supposed to be completed under the leadership of Salman F. Rahman. 

But in the wake of the changed situation on August 5, the process is ongoing through Radiant Pharmaceuticals Limited, a relatively unknown company linked with Sheikh Hasina and her family.

In absence of Salman F. Rahman, Radiant Pharmaceuticals Limited Chairman Naser Shahriar Zahedi Mahul is currently looking after the business linked with Sheikh Hasina and her family.

The notice further stated that it is claimed that the additional selling price has been determined on the basis of a secret agreement without considering the market price in determining the share price. 

In such a situation, paying the additional price to the non-resident shareholders other than the actual market price will result in losing of a huge amount of foreign currency by Bangladesh, which is an offence under the Prevention of Money Laundering Act. 

Radiant Pharmaceuticals Limited has link with Sheikh Hasina and her family and is deliberately trying to launder a huge amount of foreign currency by showing an excessive price of the shares in its transactions with the non-resident shareholder in question.

The notice further stated that Radiant Pharmaceuticals Limited Chairman Naser Shahriar Zahedi Mahul is the Vice-President of Jhenidah District Awami League. 

He contested the last one-sided election of the deposed autocratic government as a dummy candidate of the Awami League with the eagle symbol and was declared the winner at the instructions of Sheikh Hasina. 

The notice stated that in the process of transfer of shares in question, a price has been set higher than the actual market value of the shares.