S Alam, family barred from selling bank shares

The Bangladesh Securities and Exchange Commission (BSEC) today barred Mohammed Saiful Alam, founder of Chattogram-based conglomerate S Alam Group, his family members and companies they own from transferring and selling their shares in six banks.

The six are Islami Bank Bangladesh, Social Islami Bank, First Security Islami Bank, Global Islami Bank, Union Bank, and Bangladesh Commerce Bank. 

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As per the central bank's request, the BSEC sent a letter instructing Dhaka Stock Exchange, Chittagong Stock Exchange, and Central Depository Bangladesh to issue the bar on the sale and transfer of the shares. 

The letter lists 56 companies owned by Alam's 25 relatives which have come under the restriction. 

The BSEC ordered the intermediaries to abide by the order with immediate effect.

Last week, the National Board of Revenue had asked banks to provide account details of Mohammed Saiful Alam and his family members.