HC orders freeze of S Alam’s 81.92pc shares in Islami Bank

The High Court has ordered a freeze on 81.92 percent of the shares in Islami Bank held by 24 companies linked to S Alam.

The High Court bench headed by Justice KM Kamrul Kader passed the order on Friday, 4 September, following a petition filed by the Islami Economic Research Bureau.

Lawyer Shishir Monir said the written copy of the order was published on Thursday, 3 September.

The writ petition said that under the law, no single group or family can hold more than 10 percent of the shares of a bank. However, 24 companies linked to S Alam have become institutional shareholders of Islami Bank and collectively hold 81.92 percent of its shares.

Last year, the High Court had ordered the freezing of the bank accounts of 24 institutional shareholders, directors and individuals linked to S Alam. The court also barred the concerned shareholders and directors from leaving the country without its permission.