Mortgage claim over ship MV Ai Giorgis
UK firm seeks BB intervention to stop money laundering
SM NAJMUS SAKIB
Lancaster Exports Ltd, a British firm, has written to the Bangladesh Bank (BB) seeking the latters intervention to stop release of $ 1.1 million to Forseti Inc., another foreign company, by a local bank of Bangladesh.
Citing a verdict of a Greek court, Lancaster in a letter to the Anti-Money Laundering Department of central bank, said the release of money to Forseti would be tantamount to money laundering as the court found the company as fraudulent.
The letter undersigned by Advocate B. Dash, consulting attorney of Lancaster Exports Ltd, said criminal charges were heard before special court, Piraeus, Greece against Forset regarding its mortgage claim over a ship named Ai Giogis.
The ship MV Ai Giorgis was sold to Lancaster Exports by Perfection Enterprises and Tradco Global had sold it to Perfection Enterprises. Finally, Lancaster Exports sold the ship for demolition to a steel factory in Bangladesh.
Subsequently, the ship was afloat for demolition in Bangladesh and it was arrested for pending dues over a mortgage to Forseti Inc, which is registered in Panama.
Later, in 2007, it was learnt that the sale by Perfection Enterprises was an unregistered sale and there was no money trail of the sale. Forseti Inc, which claimed to have a mortgage over the ship, also did not have a money trail of the mortgage.
The issue primarily was presented to the Supreme Court of Bangladesh by Forseti Inc, claiming mortgage over the ship and later Lancaster Exports filed a case with Greece court in Feb 2017.
After preliminary hearings on August 8, 2017 the Greece court charged the accused - Forseti Inc, Mr. Panagiotis Liarakos, Mr. Dimitrios Nomikos and Mrs. Evangelia Liarakou with fraud and money laundering charges under Article 386 of Greek Constitution and ordered for freezing of all their assets, accounts and properties wherever they would be located.
The money was issued by Eastern Bank Ltd Dhaka, Bangladesh and counter guaranteed by ICICI Bank of India (Canada branch) for release of the aforesaid ship, papers said.
While asked Ziaul Karim, spokesperson of Eastern Bank Ltd, Dhaka, about the mortgage was issued by Eastern Bank and counter guaranteed by ICICI banks Canada branch, he denied commenting about the matter and suggested to contact Bangladesh Bank.
Meantime, the Supreme Court of Bangladesh delivered its jurisdiction over the matter and ordered the release of fund to Forseti.
On the other hand, the Greece court observed there was gross money-laundering involved and immediately order for seizure of assets accounts of accused. Moreover, the Greece court is on process to deliver its final verdict regarding the matter.
And, Lancaster Exports Ltd finally through its consulting attorney requested the Bangladesh Supreme Court and Bangladesh Bank to abstain from any consent for transfer of funds to Panama from Bangladesh unless the judgment by the Greek court.
The plea read that .we write to you (BB) to bring your attention that we believe is unfair and requires immediate attention and intervention.
Advocate B. Dash, consulting attorney of Lancaster Exports Ltd, said Bangladesh Bank should take action against the release of fund as it is a clear case of money laundering.
The money laundering principles set by BB recommends the central banks proper steps to investigate every action of money laundering, he added citing articles of central bank in this regard.
Advocate KS Salauddin Ahmed, lawyer of the plaintiff (Forseti Inc), said that the plaintiff won the case in the High Court Division of Supreme Court (SC) as well as in the Appellate Division of SC.
Mentioning that the Bangladesh judiciary is an Independent Judiciary, he added, Im restricted to discussing anything more about the case without taking consent from my client (Forseti Inc.).
Subhankar Saha, executive director and spokesperson of Bangladesh Bank, said he is yet to be informed regarding the issue from the Anti-Money Laundering Department, BB.
