NBR seeks stay on share transfers of seven conglomerates

The National Board of Revenue (NBR) has issued a letter to the Office of the Registrar of Joint Stock Companies and Firms seeking a suspension on the transfer of shares belonging to business conglomerates Beximco, Bashundhara, S Alam, Nassa, Summit, Orion, and Third Wave Technologies Limited (Nagad Limited).

Ahsan Habib, the director general of NBR’s Central Intelligence Cell (CIC), on Wednesday confirmed that he sent the letter on Sunday a day after his appointment to the role.

According to Section 223 of the Income Tax Act, 2023, the NBR holds the power to take the necessary steps for interim attachment of property to prevent tax evasion, the letter read.

There are allegations of financial irregularities, including tax evasion, against these companies per the ongoing investigation.

The letter addressed to the joint stock requested to suspend the transfer (purchase, sale, and donation) of shares owned by these companies in the public interest.

The CIC had earlier launched a probe against the owners of Beximco, Bashundhara, Summit, Orion, and NASA.

The intelligence cell issued letters to banks and financial institutions seeking information on the transactions of Beximco Group owner Salman F Rahman, Bashundhara Group Chairman Ahmed Akbar Sobhan, Summit Group Chairman Muhammed Aziz Khan, NASSA Group Chairman Nazrul Islam Majumder, Orion Group founder Obaidul Karim and their family members.

The commissioner of Tax Zone-15 of the NBR's tax department sent a letter to all the banks seeking information on the bank accounts.

Ahsan, who took over as the director general of the CIC on Saturday, was the commissioner of the tax zone at the time.

The tax zone also sought information on credit cards in the name of Saiful Alam's family members at the time.