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.
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.
At least six tax officials, including the then tax commissioner, were involved in extending undue favour to two sons of controversial businessman Mohammed Saiful Alam to legalise undisclosed money worth Tk 500 crore, an investigation by the tax intelligence has found.
