Hearing on Olympic Industries scam case deferred

A hearing on the Olympic Industries scam case has been deferred for six months. On Monday, Judge Md Akbar Ali of the special tribunal on the stock market set January 27, 2020 for the next hearing.     

Masud Rana, the lawyer for the plaintiff Bangladesh Securities and Exchange Commission (BSEC), said that they have submitted an extension of the stay order given by the High Court (HC) to the tribunal. On July 24 this year, a HC bench stayed the lower court order over the case for another six months.      

A representative of Olympic Industries was present during the hearing on Monday. However, there was no lawyer present to defend Aziz Mohammad Bhai — the second accused and also the owner of the company.   

In 2018, the tribunal issued an arrest warrant for the businessman in a case over the 1996 stock market scam. The Olympic Industries scam case was filed in 1999 following the first ever stock market crash in 1996. 

The case was speeded up after the second market collapse in 2010. However, the scam case remained suspended for a period from 2013 based on a HC order.

The case was shifted to the special tribunal in 2015. The HC lifted the suspension order on 30 November 2017. 

Aziz Mohammad Bhai and Mohammad Bhai were accused of manipulating share prices in 1996 allegedly for illicit gain. As Mohammed Bhai died in 2018, the trail at present is against the company and its owner Aziz Mohammed Bhai.