Court orders freezing of S Alam's huge foreign assets

A special court in Dhaka orders expropriating a cache of overseas property of embroiled S Alam Group owner Mohammed Saiful Alam and his wife Farzana Parveen in a money-laundering case.

The same court also issues travel ban on ten officials of Islami Bank Bangladesh Limited, including its former Managing Director Mohammed Monirul Moula, in connection with alleged corruption in lending to S Alam, who had taken over the bank during the past regime.

Judge of the Senior Special Judge's Court Md Jakir Hossain Galib passed both the orders Tuesday, as an anti-graft drive has been underway following the political changeover through the August-5th uprising.

The first order came after the hearing on three separate petitions filed by the Anti-Corruption Commission (ACC) seeking attachment and freezing of the foreign property of the tycoon couple.

The assets under freeze include a two-storey building in Limassol district in Cyprus, shares of 18 companies in British Virgin Islands, a British Overseas Territory in the Caribbean area, and immovable and movable property of six trusts in Jersey Island, a self-governing British territory near the English Channel.

Saiful Alam and his wife have 10000 shares worth US$350,000 in one of the companies in the British Virgin Islands, Hazel International PTE Limited.

However, value of their stakes in the other companies was not mentioned in the ACC applications.

Earlier in the day, Tahasin Monabil Haq, Deputy Director of the ACC and also chief of a joint investigation team, submitted the petitions to the court for necessary orders. Public Prosecutors Mahmud Hossain Jahangir and Md Rezaul Karim moved the petitions on behalf of the ACC.

In the petitions, the ACC officials said during the course of enquiry into the money-laundering charges brought in cases filed by the Anti-Corruption Commission, "credible evidence has emerged indicating that the accused persons acquired several immovable and movable properties through the proceeds of crime, specifically utilizing funds obtained by illegal means".

"In light of the foregoing and pursuant of the relevant provisions of the law, it is imperative to seek and order for the freeze of the said movable assets and attachment of the immovable properties in the interest of justice and to prevent further dissipation of illegally acquired assets," the prosecution side pleads.

The other accused in the IBBL case are Miftah Uddin, Mohammad Ehsanul Islam, Muhammad Sirajul Kabir, Mohammad Qaisar Ali, Taher Ahmed Chowdhury, Mohammad Mostak Ahmad, Hossain Mohammad Faisal, Ahmed Zubayerul Huq and S M Tanver Hasan.

Judge Jakir Hossain Galib passed the orders after hearing a petition filed by the Anti-Corruption Commission (ACC) seeking travel ban on them.

Tahasin Monabil Haq, Deputy Director of the ACC and also chief of the joint investigation team, submitted the petition to the court for necessary order.

In the application, the ACC official said, "During the enquiry into the allegations credible evidence has emerged indicating that the accused disbursed huge amount of loans from the bank to different organizations owned and linked to the S Alam Group by violating rules.

And now the accused are trying to leave the country. However, if they can get away, the investigation might be hampered. So an order is needed to prevent them from leaving the country."

Upon hearing, the special court allowed the petition.

Meanwhile, the same court Monday sent former IBBL managing director Mohammed Monirul Moula to jail in a case filed over the "embezzlement" of Tk 10.92 billion through loan forgery.

Earlier on Sunday night, Detectives arrested him from Dhaka's Bashundhara Residential Area.

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