Status quo on inquiry into allegations against S Alam Group

The Appellate Division of the Supreme Court has ordered to maintain until January 8 next year the status quo on the subject matter of a High Court order that asked the authorities concerned to inquire into allegations against S Alam Group owner Mohammad Saiful Alam and his wife Farzana Parveen regarding the transfer and investment of huge amount of money abroad without permission from the Bangladesh Bank.

Justice M Enayetur Rahim, chamber judge of the Appellate Division, on Wednesday passed the order after hearing a petition filed on August 21 by S Alam Group owner Mohammad Saiful Alam and his wife Farzana Parveen seeking a stay on the High Court order. The chamber judge also sent the matter to the regular Appellate Division bench for a detailed hearing on it on January 8, 2024.

Lawyers Ajmalul Hossain, Ahsanul Karim and Sayed Ahmed Raza, among others, appeared in the court hearing on behalf of S Alam Group, while lawyer Khurshid represented the Anti-Corruption Commission (ACC).

An English language daily ran a report on August 4 under the headline “S Alam’s Aladdin’s Lamp”. In the report, the daily alleges that S Alam and his wife Farzana Parveen invested in and transferred money through offshore banking to Singapore, British Virgin Islands and Cyprus.

S Alam Group owner Saiful Alam has built a business empire in Singapore worth at least about $1 billion, although there is no record of him taking any permission from Bangladesh Bank to invest or transfer any funds abroad, the report says, adding that the Bangladesh central bank has so far allowed 17 companies to invest outside the country, and this Chattogram-based business giant is not on that list.

After considering the report, the High Court on August 6 in a suo moto move directed the authorities concerned, including the Anti-Corruption Commission, to inquire into the allegations against S Alam Group owner Mohammad Saiful Alam and his wife Farzana Parveen regarding the transfer and investment of huge amount of money abroad without permission from Bangladesh Bank.

Supreme Court lawyer Barrister Syed Sayedul Haque Suman had brought the news report to the attention of the court.

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