Islami Bank announces auction of S Alam's 11-acre property to recover Tk9,948cr dues
The land is located in Ichhanagar Mouza under Charpatharghata union in the Karnaphuli upazila of Chattogram
Islami Bank Bangladesh PLC has announced the auction of nearly 11 acres of land, including factory buildings and warehouses belonging to the Chattogram-based industrial conglomerate S Alam Group, in a bid to recover outstanding dues amounting to nearly Tk9,948.42 crore.
The bank's Khatunganj Corporate Branch issued a public notice in a local Chattogram newspaper today (April 20), inviting bids from interested buyers for the mortgaged assets of S Alam Refined Sugar Industries Limited.
According to the notice, as of 24 March 2025, S Alam Refined Sugar Industries Limited, its Chairman Mohammad Abdullah Hasan, and Managing Director Mohammad Saiful Alam owe the bank a total of Tk9,948.42 crore, including interest and other charges on defaulted investments.
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The auction is being carried out under Section 12(3) of the Money Loan Court Act, 2003, which allows the sale of mortgaged properties to recover unpaid dues.
The notice states that the auction covers 10.93 acres of land located in Ichhanagar Mouza under Charpatharghata union in the Karnaphuli upazila of Chattogram. The property includes buildings, warehouses, and factory structures built on the mortgaged land.
The assets listed for auction are secured under three registered mortgage deeds: deed no-3746 dated 13 and 16 March 2014; deed no-8057 dated 28 and 29 May 2013; and deed no-3327 dated 14 and 15 July 2013.
Once considered a leading private financial institution in the country, Islami Bank had reportedly come under the control of S Alam Group during the tenure of the fallen Awami League government. With a majority stake in the bank, the group allegedly misused its influence to secure massive loans, with accusations of large-scale embezzlement and fund laundering.
Following the fall of the previous government on 5 August last year amid a student-led mass uprising, the interim government took control and removed S Alam Group's influence from the bank.
Since then, Islami Bank has been taking steps to recover the funds allegedly misappropriated by the group under the guise of loans.
