Staff Reporter :
The Bangladesh Securities and Exchange Commission (BSEC) has imposed restrictions on the sale and transfer of shares in six banks owned by S Alam Group.
These restrictions apply to Mohammed Saiful Alam, his wife Farzana Parveen, his son Ahsanul Alam, and 25 other family members.
The affected banks are Islami Bank, First Security Islami Bank, Social Islami Bank, Global Islami Bank, Union Bank, and Bangladesh Commerce Bank.
The restriction also extends to 56 companies under the S Alam Group, according to a notification issued by the BSEC.
Mohammed Saiful Alam currently serves as the chairman of First Security Islami Bank, while his son, Ahsanul Alam, holds the position of chairman at Islami Bank.
The Bangladesh Bank has identified several loan irregularities within these six banks, which are currently under investigation.
As a result, the central bank recommended restricting the transfer and sale of shares related to these banks.
The BSEC has implemented these restrictions based on the Bangladesh Bank’s instruction, the notification added.