Global crackdown on S Alam assets widens

International investigations into the business empire of controversial Bangladeshi-Singaporean businessman Mohammed Saiful Alam, widely known as S Alam, have reportedly expanded to include two prominent hotels in Kuala Lumpur linked to his business interests.

The Renaissance Kuala Lumpur Hotel and Convention Centre, along with the adjoining Four Points by Sheraton Kuala Lumpur City Centre, are among overseas assets associated with the S Alam Group, as authorities in multiple jurisdictions continue probes into allegations of money laundering and illicit asset accumulation.

A report published on 15 June by Malaysian financial weekly The Edge Malaysia said investigations into S Alam’s global business network have widened across several jurisdictions, including Singapore, Cyprus, the British Virgin Islands and Jersey.

Saiful Alam, founder and chairman of the S Alam Group, has built a vast business portfolio stretching from Chattogram to the Mediterranean region.

Authorities have alleged that a significant portion of the empire was established through laundered funds, according to the report.

In May, a court in Cyprus ordered the freezing of a luxury residential property jointly owned by S Alam and his wife.

In the same period, a Bangladeshi court sentenced him in absentia to five months’ imprisonment, while Singaporean authorities continued their investigations into his business activities.

According to The Edge Malaysia, the two Kuala Lumpur hotels are owned by Ventura International Sdn Bhd, formerly known as Canali Logistics Sdn Bhd, a company reportedly linked to the S Alam Group.

The properties are situated at the junction of Jalan Sultan Ismail and Jalan Ampang in central Kuala Lumpur.

The original Renaissance Hotel property was sold by IGB Berhad to Ventura International in 2016 for RM765 million.

The hotel was closed in 2020 for major renovation works and reopened in October 2023 as a dual-branded property under Marriott International, with the Renaissance occupying the West Wing and Four Points by Sheraton operating from the East Wing.

Both hotels continue to list Ventura International as their owner on Marriott’s official platforms.

However, there is currently no indication that Malaysian authorities have taken enforcement action against the properties or imposed any freezing orders.

Sources cited by The Edge Malaysia said Malaysian assets linked to the group could come under scrutiny as Bangladesh continues efforts to trace and recover assets allegedly moved abroad.

The developments come ahead of Prime Minister Tarique Rahman’s planned visit to Malaysia on 21 and 22 June, which is expected to be his first foreign state visit since assuming office.

He is scheduled to hold bilateral talks with Malaysian Prime Minister Anwar Ibrahim during the visit.