Ctg court freezes Tk548cr, 58.88cr shares of S Alam Edible Oil

Staff Reporter :

A Chattogram court has frozen more than Tk548 crore in bank deposits and nearly 59 crore shares belonging to S Alam Super Edible Oil Ltd a subsidiary of the S Alam Group in connection with a massive loan default case involving Islami Bank’s Khatunganj branch.

Judge Md Helal Uddin of Artha Rin Adalat No 1 issued the order on Wednesday (23 July) after hearing a petition filed by the bank.

The court also directed 14 accused, including the company, to show cause within the next 10 days as to why they should not be held accountable for the alleged loan default.

The case was filed by Islami Bank Bangladesh PLC’s Khatunganj branch, which claims that S Alam Super Edible Oil Ltd and the 14 individuals failed to repay loans totalling Tk13,317 crore.

According to the case documents, two significant assets are now under court restriction. The first includes around 58.88 crore shares owned by S Alam Super Edible Oil Ltd, covering all related land, buildings, machinery, and raw materials located in Gondamara and Alokdia mouzas.

The second asset is a bank account under the name of Top Ten Trading House, which reportedly holds Tk548.39 crore deposited at Islami Bank’s Khatunganj Corporate Branch in Chattogram.
Mohammad Ershad, bench assistant at the court, confirmed the development to The Business Standard.

The court has barred any sale, transfer, or transaction involving the attached funds and shares until further notice.