Bangladeshi media reports said the money was taken for the purchase of 134 buses. However, those buses were never actually purchased.The investigation in Bangladesh is not limited to this case only. The request sent by Bangladesh to Cyprus said authorities are also investigating huge loans taken by companies linked to S Alam from several financial […]
Government will fight arbitration case Meanwhile, Saiful Alam filed a case in an international arbitration tribunal last October challenging some of the measures taken during the tenure of the interim government. The present government has decided to fight the case on behalf of Bangladesh. A hearing is scheduled in the United States for June 22, […]
According to the Finance Minister’s presentation, 11 of the top 20 defaulting companies are controlled by Chattogram-based S. Made by Alam Group. Its owner, Mohammad Saiful Alam (S Alam), acquired control of Islami Bank and Social Islami Bank as well as five other banks during the previous Awami League government. Collectively, they withdrew more than […]
In October last year, lawyers representing S Alam and his family formally filed an arbitration claim with ICSID, headquartered in Washington, DC. The claim alleges that the Bangladesh government caused hundreds of billions of dollars in losses by freezing assets and taking other punitive measures on allegations of illegal money laundering. In their application, the […]
Meanwhile, some other entities joined the list of defaulters and the total deduction amount reached Tk 115.37 billion. In June, BEXIMCO Group had a loan of Tk 232.8 billion, while S Alam Group had a loan of Tk 96.09 billion. Janata Bank managing director Abdul Jabbar said they have rescheduled defaulted loans for some corporate […]
Some officials of the Islamic bank, speaking on the condition of anonymity, said that S Alam Group has started the process of buying some companies of Enontex. For this reason the loan was distributed in a hurry. But according to the rules of Bangladesh Bank, there is no legal provision to repay the loan of […]
Referring to the statement of Syed Saeedul Haq, senior lawyer Ajmalul Hussain said, ‘Allegation has been made against S Alam. The matter is still under consideration. The issue under consideration is being discussed as if it is a media trial. The court said, “Those (media) against whom you sought a ban are neither in favor […]
