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 Tk 200,000 crore from these banks.
The top five defaulters are all S Alam group companies: S Alam Super Edible Oil Ltd, S Alam Vegetable Oil Ltd, S Alam Refined Sugar Industries Ltd, S Alam Cold Rolled Steels Ltd and Sonali Traders.
Additional S. Alam Group companies appear at positions 7 to 10 and 16-17. They are: Global Trading Corporation Limited, Cayman Ispat Limited, and S Alam Trading Company Pvt. Ltd., Infinite CR Strips Industries Ltd. (owned by Ahsanul Alam, son of S. Alam, who served as chairman of the Islamic Bank until the fall of Sheikh Hasina’s government).