Court bans property transfer of S Alam-linked Unitex in Tk732cr loan default case
Unitex Group, based in Chattogram, had taken the loan under the name of Unitex Steel from Islami Bank’s Pahartali Branch in 2022
A Chattogram court has barred the transfer of 13,732 decimals of land and Tk304 crore in letters of credit (LCs) belonging to Unitex Group, associated with S Alam Group Chairman Mohammed Saiful Alam Masud and his family, in connection with a Tk731.63-crore loan default case.
According to case documents, Unitex Group had mortgaged only 1,880 decimals of land against the massive loan.
The order was issued on Monday by Judge Md Helal Uddin in response to a petition filed by Islami Bank's Pahartali Branch. Bench assistant Md Ershad confirmed the matter to The Business Standard.
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The court also issued a show-cause notice to 11 individuals, including Saiful Alam Masud, asking them to explain their position within 10 days.
The individuals named in the notice include Unitex Steel Chairman Mohammad Hanif Chowdhury, Managing Director Md Shahidullah Kaiser, Director Belal Ahmed (S Alam's son-in-law), Md Mohaiminul Islam Chowdhury, S Alam's daughter Maimuna Khanam, son Ehsanul Alam, as well as S Alam's four brothers Abdus Samad, Md Abdullah Hasan, Osman Gani, and Rashedul Alam.
Unitex Group, based in Chattogram, had taken the loan under the name of Unitex Steel from Islami Bank's Pahartali Branch in 2022.
