The Financial Debt Court has ordered the seizure of a huge amount of property, shares and bank accounts of S Alam Group on charges of defaulting on a loan of Tk 10,280 crore taken from the Khatunganj branch of Islami Bank in Chittagong city. The Honorable Judge Md. Helal Uddin of Dhaka’s Financial Debt Court-1 gave this important order on Wednesday (July 2).
Details of The Court Verdict and Seized Property
As per the court’s directions, a four-storey commercial building located in Motijheel, capital Dhaka, along with 5 kathas ( কাঠা ) 9.90 decimals of land has been seized. This property is registered in the name of Farzana Parveen, chairman of S Alam Vegetable Oil Limited, who acquired it on August 13, 2023.Also seized are:
•Shares worth over Tk 58 crore in S S Power Limited
•Shares worth about Tk 117 crore 75 lakh in Sonali Cardo Logistics Limited
•31,251.70 decimals of land, installations, machinery, raw materials and other properties in Gandamara and Alkadia Mouzas of Banshkhali, Chittagong.
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Seized Bank Accounts
Three bank accounts of SS Power Limited held in a bank in Gulshan Circle-1 branch have also been ordered to be seized. These accounts contain:
•Tk 102 crore 39 lakh
•Tk 35 crore 85 lakh
•Tk 778.31 paisa
Background of The Case Filed in The Court
On June 22, 2024, a case was filed in the Financial Loan Court from the Khatunganj branch of Islami Bank. In the case, Shahidul Alam, Managing Director of S Alam Vegetable Oil Limited, Chairman Farzana Parveen, Chairman of S Alam Group Mohammad Saiful Alam and shareholders—Abdus Samad, Mohammad Abdullah Hasan, Osman Gani, Md. Rashedul Alam and Ehsanul Alam were made defendants.
Property-owning Institutions
According to the case documents, the owners of the confiscated properties are various entities under the S Alam Group, namely:
•S Alam Cement
•S Alam Vegetable Oil
•Sonali Cardo Logistics Limited
Source: TBS
