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Transcom plagued by family feud

Extreme anomalies alleged

Published : 23 Feb 2024 10:23 PM | Updated : 23 Feb 2024 10:23 PM

Brighter feud among the family members of late chairman of Transcom, one of the major corporate group in the country, and executives of the company, has reached the climax.

They are blaming each other for fraudulent acts, cheating, and embezzlement of money and depriving of each other.

In the circumstances, a daughter of late Transcom chairman Latifur Rahman filed three separate cases against her mother, elder sister and six others on Thursday. Police also arrested five of the officials in connection with the cases.

Those detained officials, however, were released on bail later.

According to police, the youngest daughter of Bangladesh's Transcom Group Chairman Latifur Rahman, Shahzreh Huq has filed three separate cases accusing eight Transcom officials, including her mother and elder sister, with Gulshan police station in the capital on Wednesday. 

Shahzreh's elder sister, Simeen Rahman is the current Transcom CEO while her mother Shahnaz Rahman is the current chairman of the group. The mother was named in two cases.

According to police, one of the cases has been filed for misappropriation of money. In the case statement, Shahzreh mentioned that her father had around Tk100 crore as fixed deposit receipts (FDRs) in different banks. Her mother, Shahnaz Rahman, was the nominee for the money.

Shahzreh has alleged that the money was supposed to be distributed among the heirs (warish) according to the Muslim Sharia Law after Latifur passed away on July 1, 2020.

In the case statement, Shahzreh claimed that her mother Shahnaz transferred all the money to her own account after her father's death.

Shahzreh also claimed that her mother transferred the ownership of 18percent of shares of Transcom Electronics to herself on August 33, 2020 by showing that she bought them for Tk60-100 crore. 

She claimed that her sister and mother in a nexus did it together and, by doing so, had deprived the other two heirs of Latifur of their rights.  

In another case, Shahzreh alleged that her elder sister, with the help of four officials of Transcom group, illegally took ownership of most of the Transcom shares after her father's death by creating three form 117 (instrument of transfer of shares) and submitting them to Registrar of Joint Stock Companies And Firms (RJSC). 

The case statement reads: the plaintiff was informed that she received 4,270 shares, her brother Arshad Waliur Rahman received 4,270 shares and her elder sister Simeen got 14,160 shares. 

However, the plaintiff claimed she never signed the transfer deed (form 117) nor did her father do it. 

Shahzreh Huq also alleged that the accused fabricated these documents.

In the third case, Shahzreh claimed her mother and elder sister, with the help of three other officials of Transcom, made a Deed of Settlement by forging the signatures of her and her brother Arshad Waliur Rahman. 

She claimed the Deed of Settlement was later used by her mother Shahnaz and elder sister Simeen to take ownership of Transcom shares and filled the positions of Chairman, Managing Director and Group CEO. 

Shahzreh claimed she never had any Deed of Settlement with any of her family members. 

According to police, those three cases include the following clauses of the Bangladesh Penal Code, 1860: 406, 419, 420, 467, 468, 470, 471.

   3 cases against mother, sister among 8 others filed

    5 Transcom officials get bail after their arrest

The clause 406 is a criminal breach of trust punishable by imprisonment of up to three years, a fine, or both. Shahzreh Huq accused both her mother and sister of this offence. 

She also accused both of them of cheating (419), forgery of valuable security/will (467), forgery for the purpose of cheating (468), forged document (470), and using as genuine a forged document (471).

Under clause 468 it is punishable by comes with an imprisonment of up to seven years, and 467 up to ten years with a fine.

Meanwhile, a Dhaka court on Friday granted bail to five officials of Transcom Group, who had been arrested after three separate cases were filed against them by Shahzreh Huq, a daughter of the late chairman of the group.

The cases have been filed over alleged money embezzlement, property grabbing and illegal transfer of company shares.

The officials were arrested by the Police Bureau of Investigation (PBI) in all the cases from their residences and offices in the capital at various intervals on Thursday.

The Dhaka Metropolitan Magistrate Shanta Akter's court granted them bail upon a surety bond of Tk3,000 each after a hearing in the afternoon.

The officials are Md Fakhruzzaman Bhuiyan, serving as the executive director for Corporate Affairs and Law at the Transcom Group; Kamrul Hasan and Abdullah Al Mamun, both directors in Corporate Finance; Mohammed Mosaddeq, the assistant company secretary, and Abu Yusuf Md Siddik, a manager (company secretary).

Simeen Rahman could not be reached on the contact number mentioned in the case documents.