S Alam files arbitration claim over 'hundreds of millions' lost: Financial Times
According to the report, the case could affect the government’s plan to reclaim billions it says were diverted during Hasina’s 15-year rule. A government report last December put the total at $234 billion.
S Alam Group owner Mohammad Saiful Alam has filed an international arbitration claim saying Bangladesh's efforts to recover assets allegedly moved overseas have cost his family business "hundreds of millions" of dollars.
The claim was submitted on Monday (27 October) to the World Bank's International Centre for Settlement of Investment Disputes in Washington, the Financial Times reported.
Alam and his family say the interim government led by Chief Adviser Muhammad Yunus carried out a "targeted campaign" that froze bank accounts, seized assets, and reduced the value of their businesses.
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According to the report, the case could affect the government's plan to reclaim billions it says were diverted during Hasina's 15-year rule. A government report last December put the total at $234 billion.
Bangladesh Bank Governor Ahsan Mansur, leading the recovery effort, accused the S Alam family of moving around $12 billion out of the banking system. Alam and his company deny the allegations.
Lawyers for the family said the government also ran "spurious investigations" and a media campaign against them. They estimate the financial damage in the hundreds of millions but did not specify an exact amount for compensation.
The arbitration is filed under a 2004 investment treaty between Bangladesh and Singapore. Alam family members, now Singaporean citizens, argue they are entitled to protections under Bangladesh's 1980 law on foreign private investment.
Mansur previously said Alam and associates moved money through bank takeovers and inflated import invoices. He added the government may consider financial settlements with tycoons accused of sending money abroad
