BB appoints receiver to troubled Beximco Group

The central bank has appointed a receiver to Beximco Group to manage the financial affairs and assets of the troubled conglomerate.
Bangladesh Bank Executive Director Md Ruhul Amin will be the receiver.
The banking regulator in a meeting today approved the appointment.
Md Ruhul Amin is the executive director of sustainable finance department and investment promotion and financing facility-11 project cell of the central bank.
Earlier, in September, the High Court asked the Bangladesh Bank to appoint a receiver to manage all the companies of Beximco Group.
The HC also ordered to recover the money obtained by Salman F Rahman, founder of Beximco Pharmaceuticals, from different banks and bring the money back to Bangladesh from abroad.
The HC also issued a rule to this effect.
Then, Beximco Pharmaceuticals appealed against the order of appointing the receiver.
The appellate division of the supreme court in October refused to stay the HC order.
“My job will be to protect the interests of the company’s employees and the country as a receiver of Beximco,” said Md Ruhul Amin.
He said he will try to prevent if he finds any irregularity in Beximco.