Islami Bank puts S Alam-linked Unitex Composite Mills on auction to recover debt
Islami Bank Bangladesh PLC has put on auction factories and others structures of Unitex Composite Mills Ltd – a company linked to the controversial S Alam Group – to recover unpaid loans of approximately Tk490.05 crore, including interest and charges.
Interested buyers will have to submit their tenders by 2pm on 12 May, said a public notice issued by the bank's OR Nizam Road Branch in Chattogram on 17 April.
The loan was sanctioned in favour of Unitex Composite Mills, represented by its Managing Director Belal Ahmed, who is also the son-in-law of S Alam Chairman, Mohammad Saiful Alam.
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The 13.23-acre mortgaged properties, pledged by the company's Chairman Mohammad Hanif Chowdhury, are located in Sitakunda upazila within the Jungle Banshbaria Mouza and feature a combination of flat and hilly landscapes.
All existing and future structures on the land are included in the auction.
A fully developed 10.89-acre property, a plot of approximately 73 decimals, and another spanning 160.75 decimals are the three listed assets.
In a related move, Islami Bank's Khatunganj Corporate Branch on 20 April announced the auction of mortgaged assets belonging to S Alam Refined Sugar Industries Ltd to recover outstanding dues totaling nearly Tk9,948.42 crore.
