Sun, Apr 24th, 2011 4:15 pm BdST

http://www.bdnews24.com/details.php?id=193949&cid=4

Dhaka, Apr 24 (bdnews24.com)— An aluminium joint venture has filed a case against the stocks scam inquiry body chief and seven others demanding withdrawal of a part of the probe report that contained allegations of money laundering against the firm.

Bangladesh Thai Aluminium Ltd's legal affairs officer Abdus Selim Miah filed the case on Sunday with Dhaka's Second Assistant Judges Court.

Judge Mohammad Aftabuzzaman ordered the defendants to appear before it with explanations by June 12.

The suspects include probe committee chief Khondkar Ibrahim Khaled, and members Toufic Ahmad Choudhury, Mohamed Abdul Baree and Nihad Kabir.

The other accused, not named, are the Securities and Exchange Commission (SEC) chairman, general manager of Bangladesh Bank's Foreign Trade Control Division, managing director of Citi Bank, N.A. and the chief executive officer of Dhaka Stock Exchange.

The plaintiff said the inquiry report levelled money laundering charges against the company in its report submitted to the government on Apr 7 and demanded deletion of that particular section.

The inquiry report had claimed that the aluminium manufacturing firm earned unexpected profits with the assistance of Gem Global.

Khaled after submitting the report told journalists: "We've got proof that Tk 150 million of Bangladesh Thai Aluminium was either laundered or transferred with the assistance of Gem Global."

The case details said the four main suspects had submitted the report by not scrutinising the SEC and Bangladesh Bank approvals and also not taking statements of the complainant.

"Moreover, Khaled had disclosed findings of the report including that part, which is a misinterpretation, to media before the finance ministry made it public. It's entirely unethical and unjust."

The plaintiff urged the court to issue a decree terming the specific section on the firm 'false, motivated and ineffective', saying that they did not know how and where the firm laundered or transferred money.

According to Khaled, the bonds issued to Gem Global were supposed to be under lock-in for sales. But Gem Global offloaded those illegally.

But, the plaintiff said, "Those claims are wrong since the aluminium company issued freely convertible shares and shares against warrants.

"And all these things took place with the authorisation from the Bangladesh Bank's Foreign Trade Control Division and the SEC."

The plaintiff suggested that the whole matter be investigated by detective police.