The S Alam Group concern owes Tk 1,777 crore to the state-owned bank
Companies linked to the controversial S Alam Group took out 56 percent of the total disbursed loans of First Security Islami Bank (FSIB), one of six Shariah-based lenders controlled by the Chattogram-based business giant.
Mohammed Monirul Moula, the managing director of Islami Bank Bangladesh, has not gone to his workplace since December 19 when he was forced to leave by a group of officials.
Six factories of the controversial business giant S Alam Group in Chattogram were abruptly shut down yesterday until further notice.
S Alam Group owner Mohammed Saiful Alam has initiated a legal effort as a Singaporean citizen to recover financial losses he claims were caused by the Bangladeshi government freezing his assets and harming his investments, The Financial Times reports.
This is the first time the bank filed a case to recover a loan from S Alam
The letter and Saiful Alam’s threat to pursue international arbitration mark his most serious pushback yet against Bangladesh’s interim government.
Islami Bank Bangladesh plans to sell the S Alam Group’s stake in the bank to realise dues of around Tk 10,000 crore from the controversial conglomerate.
A “staffer of S Alam Group” took out Tk 118 crore from Union Bank without any approval or following any banking norms, indicating how the controversial business conglomerate used the bank.
S Alam Group and its linked companies account for more than 86 percent of the disbursed loans of Global Islami Bank (GIB), one of the six Shariah-based lenders that were controlled by the Chattogram-based business giant.
S Alam Group owner Mohammed Saiful Alam’s 2022-2023 tax file is a puzzle. In that tax year, he declared personal assets worth Tk 2,532 crore, but did not show any personal bank loans from Bangladesh or his foreign income.
S Alam Group’s takeover of the Islami Bank to drain the healthiest bank of the country had left investors and customers in shock. It did not stop there.
The High Court today sought to know updated information about the probe into money laundering allegations against S Alam Group. The court asked the Anti-Corruption Commission (ACC) lawyer Shaheen Ahmed to place the information before it on September 29.
The overseas assets of S Alam Group, including those in Singapore, came under scrutiny following recent media reports.
Ashraful Alam and Asadul Alam Mahir, two sons of controversial businessman Mohammed Saiful Alam, deprived the state of Tk 75 crore in taxes by legalising Tk 500 crore in undisclosed income, documents obtained by The Daily Star have revealed.
How could two state institutions participate in this process?
Islami Bank, the largest private bank by deposits in 2017, was a lucrative target for Sheikh Hasina’s cronies when an influential business group with her blessing occupied it by force – a “perfect robbery” in Bangladesh’s banking history.
A video has gone viral where some BNP leaders of Chattogram were seen supervising the relocation of 14 luxury cars of Saiful Alam Masud, chairman of S Alam Group, and his family members from one place to another for safety
Islami Bank’s former managing director Abdul Mannan had not appeared or spoken publicly since S Alam Group took control of the bank in March 2017.
