The New Nation - Internet Edition

BUSINESS REPORT

A High Court Division bench of the Supreme Court has stayed the Bangladesh Bank order to close down the activities of Arab Bangladesh Bank Foundation.

The High Court bench has also issued a rule nisi on Bangladesh Bank in this respect. The same order has also stayed the order of forfeiture of 6.12 per cent shares of IFIC Bank Ltd held by the Foundation.

AB Bank had filed a writ petition with the High Court Division of Bangladesh Supreme Court on September 4, 2008 against an earlier Bangladesh Bank order to close the activities of Arab Bangladesh Bank Foundation within three months and forfeit 6.12 per cent shares of IFIC Bank held by Arab Bangladesh Bank Foundation.

It was apprehended by the related quarters that the closure of Arab Bangladesh Bank Foundation would have a negative impact on the currently volatile stock market and also on the small investors casting overall shadow on the developing capital market of the country.