Dhaka: The Appellate Division of the Supreme Court (SC) on Thursday upheld the High Court order that had directed the government to return around Tk 1200crore collected from different business conglomerates during the army-backed caretaker government.

A four-member Appellate Division bench headed by Chief Justice SK Sinha issued the order on Thursday.

Earlier on Wednesday (March 15), the same bench fixed today for delivering its verdict, concluding the hearing on the 11 separate appeals filed by Bangladesh Bank.

Barristers Rokon Uddin Mahmud, Khairul Alam, Shafique Ahmed, Yusuf Hossain Humayun, Ahsanul Kabir and MA Hannan, among others, argued for the business establishments while Barrister M Amir-Ul Islam stood for Bangladesh Bank and Attorney General Mahbubey Alam represented the state.

Talking to reporters, Khairul Alam said according to the central bank, over Tk 1200 crore had been taken from some businessmen during the emergency rule in 2007-08.

The Appellate Division heard the appeals of nearly 15-16 companies, seeking the refund of the money.

Khairul said the HC earlier delivered an order to refund the money but Bangladesh Bank filed appeals with the Appellate Division against the HC order, adding that the SC will pass the verdict on the appeals on Thursday.   

According to the SC, the officials of an intelligence agency collected Tk 1,232 crore from nearly 40 businessmen and business houses and deposited the money in the Bangladesh Bank through over 200 pay orders.

The businessmen filed separate writ petitions seeking the refund of the money after Awami League came to power.

The BB filed the appeals with the SC after the Appellate Division of the apex court allowed it to file the appeal on 2 August, 2105.