Ctg court freezes Tk548cr, 58.88cr shares of S Alam Edible Oil in loan default case
The court has also ordered 14 accused in the Tk13,317 crore loan default case involving Islami Bank’s Khatunganj branch to explain within 10 days why they should not be held liable.
A court in Chattogram has imposed a restriction on the transfer, sale, or transaction of Tk548 crore in bank deposits and around 58.88 crore shares held by S Alam Super Edible Oil Ltd, a concern of S Alam Group, in connection with a loan default case.
The court has also ordered 14 accused in the Tk13,317 crore loan default case involving Islami Bank's Khatunganj branch to explain within 10 days why they should not be held liable.
Judge Md Helal Uddin of Artha Rin Adalat No 1 issued the order today (23 July) following a petition by the plaintiff. The court's bench assistant, Mohammad Ershad, confirmed the matter to The Business Standard.
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The case was filed by Islami Bank Bangladesh PLC's Khatunganj branch against S Alam Super Edible Oil Ltd and 14 individuals for allegedly defaulting on the massive loan.
The case petition listed two key assets of the company. One includes a total of 58.88 crore shares owned by S Alam Super Edible Oil Ltd. Under this category, all assets – land, structures, machinery, and raw materials – located in Gondamara and Alokdia mouzas are included.
The second listed asset is a bank account belonging to a company named Top Ten Trading House. The account, held at Islami Bank's Khatunganj Corporate Branch in Chattogram, contains a deposit of Tk548.39 crore.
