BCB lose hope of recovering money from Nimbus in legal battle
BCB has been trying to recover the money through a legal battle in Singapore since the deal ended in July 2012 © AFP
Bangladesh Cricket Board have decided not to go with another legal battle with Nimbus Sports Ltd to recover USD 22 million from them as they don't see any future in it after the company got bankrupted in the recent past.
The groundbreaking six-year-deal of staggering USD 56.88 million was signed in July 2008 after the agreement contract was inked in November 2006.
However the deal ended in 2012 as both parties were at loggerheads. Nimbus had raised an issue that BCB broke the 'material breach of contract' clause by arranging the tri-nation and England series ahead of their earlier schedules.
BCB initially claimed that Nimbus owes them in excess of USD 32 million, which after deductions would still go over USD 22 million dollars. BCB has been trying to recover the money through a legal battle in Singapore since the deal ended in July 2012, after rejecting the offer of Nimbus to settle the matter for USD 11 million.
The court of Singapore where BCB lodged the case informed them on May 22 that Nimbus was bankrupt, and if they have any objection or have anything to say they can file another case within the next 21-day time frame. The additional case would cost them another USD 200,000.
It was learnt that BCB took the advice of Attorney General Mahbubey Alam to take his opinion in this regard [about filing a second case against Nimbus], and will avoid the additional cost of USD Two million.
Allen & Gladhill and Tanjib Alam & Associates, two Singapore-based legal consulting firms also echoed the same sentiment that prompted BCB to send a 'no-objection letter' to the Singapore court on June 6.
''If we did not give a no-objection letter, we would have to go to another fight outside the legal battle. In that case, we would have incurred additional costs. We didn't get involved because we don't see any bright future in it as Nimbus has been declared completely bankrupt,'' said BCB chief executive Nizamuddin Chowdhury.
''That's why we didn't find it's legal 'merit'. A legal battle is still going on in the court of Singapore. This would have been another matter of excess. As they've gone bankrupt, we thought it would be best not to go any further behind it. The decision was made on the advice of lawyers," he said.
"There is no chance of forgiving Nimbus. The legal process will continue but it is true that we have very little chance of getting anything from them," he added.
© Cricbuzz
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