S Alam Group has shut down all its factories in Karnaphuli upazila of Chattogram, halting operations in 11 industrial units, company insiders have said.

11 industrial units cease operations as raw material shortages force closure; over 5,000 workers lose jobs

As per BB’s order, the bank’s total exposure to a single borrower or group is restricted to 25 percent of its capital.

The two-storey residence was frozen under mutual legal assistance procedures initiated by Dhaka, according to Cyprus Mail and Cyprus Inform

Such a risky move must be firmly rejected.

The top 20 loan defaulters whose names were disclosed yesterday in parliament owe more than Tk 35,000 crore, with the majority of the companies belonging to the controversial S Alam Group.

Bangladesh has agreed to pay White & Case an hourly rate of $1,250 (Tk 152,691) to handle proceedings

When the lop-sided deal with Adani Power was signed, a newly inked deal with the controversial S Alam Group’s power plant was used as the pricing benchmark -- even though that contract’s pricing structure was itself unusually expensive and riddled with contractual anomalies.

In recent months, several groups allegedly linked to S Alam Group tried to withdraw funds from the account using fake vouchers and cheques.

The Anti-Corruption Commission yesterday decided to file a case against 67 individuals, including the former chairman of S Alam Group, over allegations of loan fraud and embezzlement of about Tk 10,500 crore from Islami Bank through abuse of power and influence.

The S Alam Group owner, Mohammad Saiful Alam, has recently taken Bangladesh to the arbitration arm of the World Bank.

Islami Bank has made 4,771 officials OSD (officer on special duty) and terminated another 200 for violating service rules.

The Anti-Corruption Commission has filed cases against three leading businessmen in the country on charges of embezzling large sums of money and amassing illegal wealth.

The S Alam Group concern owes Tk 1,777 crore to the state-owned bank 

Companies linked to the controversial S Alam Group took out 56 percent of the total disbursed loans of First Security Islami Bank (FSIB), one of six Shariah-based lenders controlled by the Chattogram-based business giant.

Mohammed Monirul Moula, the managing director of Islami Bank Bangladesh, has not gone to his workplace since December 19 when he was forced to leave by a group of officials.

Six factories of the controversial business giant S Alam Group in Chattogram were abruptly shut down yesterday until further notice.

S Alam Group owner Mohammed Saiful Alam has initiated a legal effort as a Singaporean citizen to recover financial losses he claims were caused by the Bangladeshi government freezing his assets and harming his investments, The Financial Times reports.

This is the first time the bank filed a case to recover a loan from S Alam

The letter and Saiful Alam’s threat to pursue international arbitration mark his most serious pushback yet against Bangladesh’s interim government.