Dhaka: The writ petition concerning the transfer of shares of Novartis Bangladesh Limited has been removed from the High Court’s cause list. A High Court division bench consisting of Justice Md. Khairul Alam and Justice K. M. Emrul Kayesh issued the order. Writ petitioner Advocate Iqtandar Hossain Howlader noted that the writ was initially up for hearing in the motion column. However, due to an application by the lawyer, the case was removed from the list and will be scheduled for hearing in another bench.
According to Bangladesh Sangbad Sangstha, the hearing for the writ petition, which seeks to halt the share transfer of Novartis Bangladesh Limited to prevent potential money laundering, was previously adjourned on January 26. On that date, the Anti-Corruption Commission (ACC) informed the court of an ongoing investigation into the share transfer involving Novartis Bangladesh and Radiant Pharmaceuticals.
A different High Court division bench, comprising Justice A. K. M. Asaduzzaman and Justice Syed Enayet Hossain, had earlier adjourned the hearing on the matter for one month. The writ included responses from ten individuals, such as the Finance Secretary, ACC Chairman, Industries Secretary, and Bangladesh Bank Governor. It alleged that money laundering was involved in the acquisition of Novartis shares by Radiant Pharmaceuticals Limited.
Earlier, on January 8, the writ petitioner sent a legal notice to relevant parties to halt the transfer of shares valued at Tk 230 crore of Novartis. The notice was addressed to the Bangladesh Bank Governor Ahsan H. Mansur and others, requesting a stay on the transfer of nearly one million shares of Novartis Bangladesh Limited to Radiant Pharmaceuticals Limited.
The shares in question are reportedly linked to Salman F. Rahman, former Prime Minister Sheikh Hasina’s adviser on private industry and investment. The notice indicated ongoing efforts to sell 60 percent of the shares, or 975,036 shares, of the Switzerland-based Novartis Bangladesh through Radiant Pharmaceuticals Limited for Tk 230 crore. The proposal has been approved, although the transaction process initially led by Salman F. Rahman has changed due to circumstances on August 5, with Radiant Pharmaceuticals Limited now managing the process.
The notice accused Radiant Pharmaceuticals Limited, linked to Sheikh Hasina and her family, of setting an excess selling price based on a secret agreement, ignoring actual market value. This alleged action could result in significant foreign currency loss for Bangladesh, violating the Prevention of Money Laundering Act. Radiant Pharmaceuticals Limited’s Chairman, Naser Shahriar Zahedi Mahul, is allegedly affiliated with the Awami League and was involved in the last uncontested election under Sheikh Hasina’s directive.
The notice further claimed that the transfer of shares involved a price set higher than the actual market value, raising concerns over potential financial misconduct.