Court orders seizure of S Alam Group assets over Tk10,280cr defaulted loan
A Chattogram court has ordered the seizure of properties, shares, and bank accounts belonging to S Alam Group and its subsidiaries to recover a defaulted loan amounting to Tk10,280 crore from Islami Bank's Khatunganj branch.
The directive was issued on Wednesday by Judge Md Helal Uddin of Artha Rin Adalat-1 (Money Loan Court). The court's bench assistant, Mohammad Ershad, confirmed the matter to The Business Standard today.
According to the court order, a four-storey commercial building in Dhaka's Motijheel area, along with 5 kathas and 9.90 decimals of land owned by Farzana Parvin, chairperson of S Alam Vegetable Oil Ltd, has been seized. She acquired the property on 13 August 2023.
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In addition, shares worth over Tk58 crore held by SS Power Ltd and shares worth Tk117.75 crore of Sonali Cardo Logistic Ltd have been frozen.
The court also ordered the seizure of 31,251.70 decimals of land, buildings, machinery, raw materials, and other assets located in Gondamara and Alokdia mouzas of Banshkhali in Chattogram.
According to the case documents, these properties belong to S Alam Cement, S Alam Vegetable Oil, and Sonali Cardo Logistic Ltd – all subsidiaries of S Alam Group.
Three bank accounts of SS Power Ltd held in the bank's Gulshan Circle-1 branch in Dhaka have also been frozen. The accounts reportedly hold Tk102.39 crore, Tk35.85 crore, and Tk778.31 respectively.
The case was filed on 22 June by Islami Bank's Khatunganj branch.
The defendants in the case include managing director of S Alam Vegetable Oil Ltd, Shahidul Alam; its chairperson Farzana Parvin; S Alam Group chairman Mohammad Saiful Alam; and shareholders Abdus Samad, Mohammad Abdullah Hasan, Osman Gani, Md Rashedul Alam, and Ehsanul Alam.
