Court Correspondent :
The Supreme Court yesterday extended its earlier order that issued status quo on the transfer of Italian-Thai Development Public Company Limited’s shares of Dhaka Elevated Expressway to China’s Sinohydro Corporation Limited until further directive.
The order of status quo will continue till the first meeting of arbitration on this issue pending in Singapore, the Appellate Division of the Supreme Court said.
A full bench of the Appellate Division headed by Chief Justice Obaidul Hassan passed the order after hearing of on a petition filed by the Italian-Thai company that challenged a High Court verdict.
Italian-Thai company’s lawyer Barrister Imtiaz Farooq on Thursday told the media that the shares of the Italian-Thai company cannot be transferred to the Chinese company following the Appellate Division order until the first meeting of the arbitration tribunal in Singapore is held.
The date for holding the arbitration meeting is yet to be fixed, he said.
On May 12, the High Court lifted its order of status quo on the transfer of the Italian-Thai company’s shares in Dhaka Elevated Expressway to China’s Sinohydro Corporation Limited.