Nagad administrator: BB moves to vacate SC stay on appointment

Bangladesh Bank has filed a petition with the Appellate Division of the Supreme Court recently for vacating its order that stayed a High Court verdict which upheld the central bank's decision to appoint an administrator for the mobile financial service provider Nagad Ltd.

Chamber judge Justice Md Rezaul Haque yesterday sent the petition to its full bench for hearing on May 19.

Earlier on May 7, the SC chamber judge stayed for eight weeks the HC verdict that on February 16 this year upheld the Bangladesh Bank's decision to appoint an administrator for Nagad Ltd and also rejected a petition filed by Nagad's Director Md Shafayat Alam challenging legality of the central bank's decision.

The apex court chamber judge also asked the writ petitioner to move a leave to appeal petition before this court challenging the HC judgement by this eight weeks' period.

On August 21 last year, the central bank appointed its Director Muhammad Badiuzzaman Dider as the administrator at Nagad for one year. In addition, six other central bank officials were sent to Nagad to assist the administrator.

The writ petitioner challenged the decision to appoint Dider, a former director of the central bank's Chattogram office, following allegations of operational irregularities.