HC orders liquidation of Jubilee Bank within 9 months

The High Court on Thursday issued a directive for liquidating the century-old Jubilee Bank in Kushtia within nine months.

The court appointed AHM Shamsuddin Chowdhury Manik, retired judge of the Appellate Division of the Supreme Court, as the official liquidator and Supreme Court lawyer Barrister Faria Huq as the additional liquidator.

Lawyers Tanjib-ul Alam and Kazi Ershadul Alam represented the Bangladesh Bank in the court, while Barrister Khan Mohammad Shamim Aziz stood for the liquidator, Deputy Attorney General Abdul Wahab for the state and AKM Badruddoza for the Joint Stock Companies and Firms (RJSC).

In February last year, a HC bench of Justice Muhammad Khurshid Alam Sarkar had directed that the bank be liquidated. The full order was released on Thursday.    

Jubilee Bank was first registered by the RJSC in April 1913 as Khoksha-Janipur Bank, which was later changed to Jubilee Bank Ltd in January 1987. The central bank recognised it as a non-scheduled bank on 26 June 1984.

The bank's fate has been determined after a series of legal fights starting in 2012 over several issues, including claim of ownership by various shareholders and non-compliance with laws.