Court orders freezing shares, profits of S Alam family

Staff Reporter :

The court has ordered the freezing of shares worth 5,109 crore taka belonging to S Alam Group’s chairman, Md. Saiful Alam (S Alam) and his family members across 42 companies.

Dhaka Metropolitan Senior Special Judge Zakir Hossain Galib issued the order in response to an application filed by the Anti-Corruption Commission (ACC) on Wednesday (February 12).

The application states that Md. Saiful Alam and his family members are accused of laundering 1 billion dollars to countries including Singapore, the British Virgin Islands, Cyprus and others.

During the investigation into the allegations, it was found that they owned a total of 437 crore 85 lakh 2 thousand 274 shares in joint-stock companies and firms. The investigation also revealed that attempts were made to transfer ownership of these shares. The total value of these shares is 5,109 crore 67 lakh 96 thousand 260 taka.

If these shares were transferred, it would obstruct the ongoing investigation, as well as the subsequent filing of a case, submission of a charge sheet in court and the possible forfeiture of illegally acquired property in favor of the government as part of the conviction.

Therefore, the court ruled that these shares, along with any profits or earnings derived from them, should be frozen to prevent any such obstruction. Previously, on January 16, the same court had ordered the freezing of shares worth 3,563 crore 84 lakh 21 thousand taka belonging to S Alam and his family members.