The Bangladesh Securities and Exchange Commission on Tuesday聽 blocked share sales and transfers by S Alam Group, its family members, and associates across six banks controlled by the group.
The banks are Islami Bank Bangladesh, First Security Islami Bank, Social Islami Bank, Global Islami Bank, Union Bank, and Bangladesh Commerce Bank.
The restriction extends to 26 individuals and 56 companies having connection with the S Alam Group.
This action follows a request from the Bangladesh Bank which in a letter to the securities and exchange commission highlighted concerns over the group鈥檚 influence.
The central bank reported that the S Alam Group鈥檚 influence over the boards of these banks had led to significant loan acquisitions and deteriorating financial health.
The central bank expressed difficulty in recovering these loans due to the group鈥檚 interconnectedness and urged the commission to prevent the sale or transfer of shares to safeguard the banks鈥� stability.
The blocked individuals include S Alam Group chairman Mohammed Saiful Alam, his wife Farzana Parveen, and son Ahsanul Alam, among others.
The other individuals are Maimuna Khanam, Atikur Nesa, Sharmin Fatema, Marzina Sharmin, Farzana Begum, Shahana Ferdous, Rahima Begum, Mohammed Abdul Maleque, Ashraful Mostafa Chowdhury, Mohammad Abdullah Hasan, Jamal Mostafa Chowdhury, Belal Ahmed, Mahmudul Alam, Arshadul Alam, Badrun Nessa Alam, Wahidul Alam Seth, Rokea Yesmin, Shahidul Alam, Halima Begum, Rashedul Alam, Mohammad Mostan Billah Adil, Osman Gani, and Shahidul Alam, who are connected to the S Alam Group.
The companies that under the S Alam group or its associates face similar restrictions are ABC Ventures, Armada Spinning Mills, Bangladesh Petro Chemicals, BLU International, Brilliant Business Company, Broadway Impex Company, C&A Accessories, C&A Fabrics, Carolina Business Enterprises, Dynamic Ventures, Evergreen Shipping, Excel Dyeing & Printing, Excelsior Impex Company, Fatehabad Farm, Genesis Textiles Accessories & Apparels, Global Trading Corporation, Grand Business, Hasan Abasan, Highclass Business Enterprises, Holistic International, Honeywell Securities Corporation, Ideal Flour Mills, JMC Builders, Karnaphuli Foods, Karnaphuli Prakritik Gas.
Kingston Flour Mills, Kingsway Endeavors, Leader Business Enterprise, Lion Securities and Investment, Lionhead Business Resources, Marathon Trade International, Milkway Impexco, Modern Properties, Nowshin Steels, Ocean Resorts, Padma Export Import & Trading, Paradise International, Peaks Business Enterprise, Percepta Endeavors, Platinum Endeavors, Portman Cements, Prasad Paradise Resorts, Pusti Vegetable Ghee, Reliable Entrepreneurs, Shah Amanat Prakritik Gas Company, Solid Oak Insurance PCC, Sonali Cargo Logistics, Uniglobe Business Resources, Unique Investment & Securities, Unitex Cement, Unitex Steel Mills, Unitex Tyre, Vibrant Endeavors, Victor Trade and Business, Wesco, and Western Designers.
On August 18, the Bangladesh Financial Intelligence Unit froze the bank accounts of S Alam and his family members as part of an ongoing investigation.
The group, which has strong ties with the immediate past Awami League government, is accused of withdrawing approximately Tk 2 lakh crore from various banks.
The investigation into the allegations of the group鈥檚 controversial financial activities intensified following Sheikh Hasina鈥檚 departure as prime minister on August 5 amid a mass uprising.
