Court orders seizure of S. Alam chairman’s assets

Staff Reporter :

A Dhaka court has ordered the confiscation of overseas immovable properties and the freezing of movable assets owned by S. Alam Group Chairman Saiful Alam and his wife Farzana Parveen, in connection with an ongoing anti-corruption investigation.

The order was passed on Tuesday by Metropolitan Senior Special Judge Md Zakir Hossain Galib, following three petitions filed by the Anti-Corruption Commission (ACC).
Deputy Director Tahasin Munabil Haque represented the ACC in court.

According to case documents, the seized and frozen assets span several foreign jurisdictions and include:
A two-storey residential property in Cyprus registered in the name of Saiful Alam.
Ownership stakes in 18 offshore companies incorporated in the British Virgin Islands (BVI), with Hazel International Pte. Ltd. and Peacock Property Holdings Ltd. fully family-owned. Saiful Alam holds sole ownership of the other 16 entities.

Movable and immovable assets managed under six trusts based in Jersey, a British Crown Dependency, and administered by a Jersey-based trust company.

Investigators revealed that one of these trusts, Maple Trust, has invested approximately USD 210 million in the Renaissance Hotel and Four Points by Sheraton in Malaysia. The total value of assets managed under the remaining trusts is still under assessment.

The court’s decision comes amid the ACC’s broader inquiry into the alleged accumulation of illicit wealth abroad by Saiful Alam and his family.

The investigation aims to uncover the full extent of undisclosed offshore assets held by the business magnate and his associates.