Court orders freezing of S Alam’s shares worth Tk8,000cr
Dhaka Metropolitan Senior Special Judge Sabbir Faiz issued the order today
A Dhaka court has ordered the freezing of more than 513 crore shares of 105 companies linked to S Alam Group Chairman Mohammad Saiful Alam.
The total value of these shares is estimated at over Tk8,000 crore, according to the Anti-Corruption Commission (ACC).
Dhaka Metropolitan Senior Special Judge Sabbir Faiz issued the order today (20 October), following an application filed by the ACC, confirmed ACC Public Relations Officer Akhtarul Islam.
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The anti-graft agency's Deputy Director Tahsin Munabil Haque submitted the request to freeze the assets, citing ongoing investigations into alleged money laundering by Saiful Alam and associated entities.
The ACC noted that directors of joint-stock companies and related firms reported that Saiful Alam was attempting to transfer or misappropriate ownership of shares. The agency warned that if the shares were moved before the investigation is completed, recovering the assets could become difficult.
The freezing of shares was sought under Sections 10 and 14 of the Prevention of Money Laundering Act, 2012, and Section 18 of the ACC Rules, 2007.
Earlier on 25 September, the same court ordered the issuance of an Interpol red notice against Saiful Alam and his two brothers.
On 9 July, the court also froze 53 bank accounts linked to Saiful Alam and related entities, containing Tk113 core.
