SC bars finalising strategic partner for Nagad, hearing set for 26 October
The Appellate Division of the Supreme Court has set 26 October for hearing a petition challenging the government's move to bring in a strategic partner for digital financial service provider Nagad.
The petition was filed by Nagad's nominee director, Md Shafayet Alam, who opposed the Bangladesh Investment Development Authority's (Bida) recent international tender to appoint a financial advisory firm for the process of bringing in new investors.
After a hearing on Wednesday, Chamber Judge Justice Md Rezaul Haque referred the matter to the Chief Justice–led bench for full hearing.
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The order stated, "However, the authority will not take final decision as to awarding the proposed work till hearing of the Civil Petition for Leave to Appeal."
Additional Attorney General Anik R Haque, representing Bangladesh Bank, said the applicant had sought suspension of the entire tender process. However, the Chamber Court only barred finalisation until the hearing date.
Earlier in February, the High Court upheld the appointment of an administrator for the mobile financial service company and the decision was later stayed by the Chamber Judge court, later, following an application by Bangladesh Bank, the Appellate Division Chamber Judge stayed the court's order.
The appeal against the administrator's appointment, also filed by Shafayet Alam, is scheduled for hearing on the same date. According to court sources, both matters – the administrator issue and Bida's tender – will be heard together.
The government is looking for a strategic partner for Nagad who will join as an equity holder and inject fresh investment to take the company to the next stage. To facilitate this process, Bida has floated an international tender to appoint an experienced financial adviser who will determine Nagad's valuation and attract potential investors.
Bida published a notice on 31 August, inviting expressions of interest from local and foreign financial advisory firms, along with the Terms of Reference (ToR).
The notice outlined Nagad's market position and announced plans for a stake sale. Interested firms were asked to submit applications by 15 September.
