Court orders freezing of S Alam family’s shares worth over Tk 35 billion

A Dhaka court has ordered the freezing of more than 32.1 crore shares owned by Mohammed Saiful Alam, founder and chairman of S Alam Group, and his family members across 24 companies. The value of these shares amounts to Tk 35.63 billion (Tk 3,563 crore).

Dhaka Metropolitan Senior Special Judge Zakir Hossain Galib issued this order on Thursday, following a petition from the Anti-Corruption Commission (ACC).

The ACC informed the court that Mohammed Saiful Alam and his family members own a total of 32,10,19,478 shares across 24 companies. The nominal value of these shares amounts to Tk 35.63 billion.

According to the ACC's investigation, the S Alam family members were attempting to transfer these shares. To ensure justice, the ACC deemed it necessary to freeze the shares. Following a hearing, the court ordered the shares to be frozen.

In a written statement to the court, the ACC mentioned that it is investigating allegations of laundering $1 billion by Mohammed Saiful Alam and his family members to Singapore, the British Virgin Islands, Cyprus, and other countries.