5 Transcom officials bailed after arrest in legal battle over ownership between founder Latifur’s heirs

Those accused in the cases filed by late founder Latifur’s daughter Shahzreh Huq include her sister Simeen Rahman, mother Shahnaz Rahman and Simeen’s son Zaraif Ayaat Hossain

Five top officials of Transcom Group have secured bail after their arrest in a legal fight over the ownership of the company between the heirs of its late founder Laifur Rahman.

The accused in the three cases filed by Latifur’s daughter Shahzreh Huq also include her sister Simeen Rahman, mother Shahnaz Rahman and Simeen’s son Zaraif Ayaat Hossain.

Shahzreh is a director of the firm, while Simeen is the CEO, Shahnaz the chairman and Zaraif the head of transformation.

Police said they arrested Transcom’s Executive Director of Corporate Affairs Fokhruzzaman Bhuiyan, Chief Financial Officer Kamrul Hassan, Director of Corporate Finance Abdullah Al Mamun, Assistant Company Secretary Mohammed Mossadeq and Manager (company secretary) Abu Yusuf Md Siddik in Dhaka’s Gulshan on Thursday.

The charges against them in the cases filed at Gulshan Police Station earlier on Thursday include embezzlement of Tk 1 billion, unlawful possession of property and illegal transfer of shares, according to Zahangir Alam, a special superintendent of police at the Police Bureau of Investigation.

Asked if police would make more arrests in the cases, Zahangir said: “It’ll be done, gradually.”

Police produced the five Transcom officials in court and sought a 10-day custody for quizzing on Friday afternoon while lawyers for the accused appealed for bail.

Dhaka Metropolitan Magistrate Shanta Islam dismissed the remand petition and granted them bail.

Sub-Inspector Shah Alam, general recording officer of court police, said the judge granted the accused bail because of a lack of documents and legal foundation for their remand.

Defence lawyers, including Dhaka Bar Council President Mizanur Rahman and Sheikh Baharul Islam, argued that charges like illegal possession of property or embezzlement of funds should not have been brought while a case over the same dispute is awaiting disposal in a civil court.

Simeen and Shahnaz could not be reached for comments.

Latifur, known for his ethical values in business, died at the age of 75 from a combination of health complications in July 2020.