Court orders seizure of S Alam Group’s assets over Tk10,280cr defaulted loan
As per the court order, a four-storey commercial building in Dhaka’s Motijheel, along with 5 kathas and 9.90 decimals of land owned by Farzana Parvin, chairperson of S Alam Vegetable Oil Ltd, has been seized
A Chattogram court has ordered the seizure of properties, shares, and bank accounts belonging to S Alam Group to recover a defaulted loan amounting to Tk10,280 crore from Islami Bank's Khatunganj branch.
The directive was issued yesterday (2 July) by Judge Md Helal Uddin of Artha Rin Adalat–1 (Money Loan Court). The court's bench assistant, Mohammad Ershad, confirmed the matter to The Business Standard.
As per the court order, a four-storey commercial building in Dhaka's Motijheel, along with 5 kathas and 9.90 decimals of land owned by Farzana Parvin, chairperson of S Alam Vegetable Oil Ltd, has been seized. She acquired the property on 13 August 2023.
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Additionally, over Tk58 crore worth of shares owned by SS Power Ltd, and Tk117.75 crore worth of shares of Sonali Cardo Logistic Ltd have been frozen.
The court has also ordered the seizure of 31,251.70 decimals of land, structures, machinery, raw materials, and other assets located in Gondamara and Alokdia mouzas of Banshkhali in Chattogram.
According to the case documents, these properties belong to S Alam Cement, S Alam Vegetable Oil, and Sonali Cardo Logistic Ltd – all subsidiaries of S Alam Group.
The court also directed the freezing of three MSND (monthly savings) accounts of SS Power Ltd held in a bank branch at Gulshan Circle–1, which reportedly contain Tk102.39 crore, Tk35.85 crore, and Tk778.31 respectively.
The case to recover the defaulted loan was filed on 22 June by Islami Bank's Khatunganj branch. The defendants in the case include Shahidul Alam, Managing Director of S Alam Vegetable Oil Ltd; its Chairperson Farzana Parvin; S Alam Group Chairman Mohammad Saiful Alam; shareholders Abdus Samad, Mohammad Abdullah Hasan, Osman Gani, Md Rashedul Alam, and Ehsanul Alam.
