Islami Bank Bangladesh PLC has announced the auction of S Alam Group鈥檚 properties, including a steel mill, a power plant, an edible oil factory and 1,149 decimals of land, to recover outstanding dues amounting to Tk聽2,179.95 crore.
The bank鈥檚 Khatunganj corporate branch in Chattogram issued a public notice on Sunday in a local newspaper, inviting bids for the mortgaged properties.
According to the notice, the properties belong to S Alam Cold Rolled Mills Ltd, S Alam Power Generation Ltd and S Alam Vegetable Oil Ltd, all subsidiaries of the S Alam Group.
The notice also mentioned names of 15 individuals, including Mohammad Saiful Alam, director of Alam Cold Rolled Steels Ltd.
Saiful Alam, also the chairman of S Alam Group, was a close associate of deposed prime minister Sheikh Hasina.
Several government agencies are investigating asset embezzlement and money laundering allegations against him.
The bank claimed a total defaulted investment of Tk聽2,179.95 crore from the group, including accrued dividends up to April 20 of this year.
The notice stated that the auction would proceed under Section 12(3) of the Money Loan Court Act, 2003 to recover the dues, damages, and associated costs. Interested buyers have been asked to submit bids for the mortgaged assets.
Earlier, on April 20, Islami Bank had moved to auction nearly 11 acres of S Alam Group鈥檚 sugar mill property to recover another outstanding amount of Tk聽9,948 crore.
