S Alam's two Malaysia hotel assets under scrutiny as global investigations expand

The focus of international investigations into the business empire of controversial Bangladeshi-Singaporean businessman Mohammed Saiful Alam, widely known as S Alam, has now shifted to two prominent hotels in Kuala Lumpur linked to his business group.

The Renaissance Kuala Lumpur Hotel and Convention Centre and the adjoining Four Points by Sheraton Kuala Lumpur City Centre are among the overseas assets associated with the S Alam Group, as authorities in several countries continue investigating allegations of money laundering and illicit asset accumulation.

A report published yesterday (15 June) by Malaysian financial weekly newspaper The Edge Malaysia said investigations into S Alam's global business network have expanded across multiple jurisdictions, including Singapore, Cyprus, the British Virgin Islands and Jersey.

Saiful Alam, founder and chairman of the S Alam Group, has built a vast business empire extending from Chattogram to the Mediterranean region. Authorities have alleged that much of the empire was built using laundered funds, according to the report.

In May, a court in Cyprus ordered the freezing of a luxury residential property jointly owned by S Alam and his wife.

During the same period, a Bangladeshi court sentenced him in absentia to five months' imprisonment, while Singaporean authorities continued investigations into his business activities.

According to The Edge Malaysia report, the two Kuala Lumpur hotels are owned by Ventura International Sdn Bhd, formerly known as Canali Logistics Sdn Bhd, a company reportedly linked to the S Alam Group. The properties are located at the intersection of Jalan Sultan Ismail and Jalan Ampang in central Kuala Lumpur.

The original Renaissance Hotel property was sold by IGB Berhad to Ventura International in 2016 for RM765 million.

The Renaissance Hotel was closed in 2020 for major renovation and reopened in October 2023 as a dual-branded property under Marriott International, with the Renaissance occupying the West Wing and Four Points by Sheraton operating from the East Wing.

Both hotels continue to list Ventura International as their owner on Marriott's official platforms.

However, there is currently no indication that Malaysian authorities have taken any action against the hotels or imposed freezing orders on the properties.

Sources cited by The Edge Malaysia said Malaysian assets linked to the group could come under scrutiny as Bangladesh continues efforts to trace and recover assets allegedly moved abroad.

The developments come ahead of Prime Minister Tarique Rahman's planned visit to Malaysia on 21 and 22 June, which is expected to be his first foreign state visit after taking office.

He is scheduled to hold a bilateral meeting with Malaysian Prime Minister Anwar Ibrahim during the trip.