Appellate Division scraps HC order to investigate money laundering allegations against S Alam Group
The Appellate Division of the Supreme Court dismissed the High Court's order directing the Anti-Corruption Commission (ACC) and the Bangladesh Financial Intelligence Unit (BFIU) to investigate allegations of money laundering against S Alam Group.
At the same time, the Appellate Division also scrapped the High Court's ruling asking why the failure of the BFIU, ACC and Bangladesh Bank to prevent money laundering by S Alam Group should not be declared illegal.
However, the Supreme Court said, "If the Anti-Corruption Commission and the Bangladesh Financial Intelligence Unit want they can investigate this matter [on their own volition]."
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The Appellate Division headed by Chief Justice Obaidul Hassan gave this verdict today (5 February) after hearing a writ petition filed by S Alam Group Chairman Mohammad Saiful Islam and Director Farzana Parveen seeking to cancel the order of the High Court.
Senior lawyer Ajmalul Hossain KC and senior lawyer Ahsanul Karim represented S Alam Group during the hearing, while Senior advocate Khurshid Alam Khan was present on behalf of the ACC.
On 4 August last year, a report was published in The Daily Star -a national English daily- which revealed that S Alam Group's owner Saiful Alam had allegedly established businesses worth at least $1 billion in Singapore without obtaining permission from the Bangladesh Bank for overseas investments or money transfers.
Supreme Court lawyer Barrister Syed Sayedul Haque Suman brought the report to the court's attention, and in response, the High Court said if S Alam had not engaged in money laundering, they should submit an affidavit to clarify the matter.
Also, the High Court directed to investigate the allegations of money laundering abroad against S Alam Group and submit the report within two months. Along with that, the court also issued a rule seeking to know why Bangladesh Financial Intelligence Unit (BFIU), Anti-Corruption Commission (ACC) and Bangladesh Bank's failure to prevent money laundering should not be declared illegal.
