Court orders to freeze S Alam’s Tk 5,109cr shares
Court Correspondent
A Dhaka court has ordered to freeze shares worth Tk 5,109 crore belonging to S Alam Group Chairman Mohammad Saiful Alam and his family members in 42 companies.
The order was issued on Wednesday by Dhaka Metropolitan Senior Special Judge Zakir Hossain Galib following an appeal by the Anti-Corruption Commission (ACC).
ACC Assistant Director (Prosecution) Aminul Islam confirmed the matter.
According to the ACC’s petition, during an investigation into allegations of laundering $1 billion to Singapore, the British Virgin Islands, Cyprus, and other countries, authorities found that Saiful Alam and his family held 437.85 crore shares in various companies.
The investigation further disclosed that they were attempting to transfer these shares. If the transfer took place, it would hinder the ongoing investigation, the filing of charges, trial proceedings, and potential confiscation of illegal assets by the government. To ensure justice, the ACC requested that all earnings and profits from these shares remain frozen until the investigation and legal proceedings are completed.
Earlier, on January 16, the court had ordered the freezing of shares worth Tk 3,563.84 crore belonging to Saiful Alam and his family.
