The High Court on Thursday adjourned until September 22 the hearing on a writ petition seeking an injunction on the transfer or sale of assets owned by S Alam Group, its shareholders, and their family members.
A vacation bench of Justice Md Kamrul Hossain Mollah and Justice Kazi Zinat Hoque set the new date following a preliminary hearing on Thursday.
The writ petition was filed by Supreme Court lawyer Md Rukunuzzaman requesting judicial intervention in the potential dissipation of assets linked to controversial businessman Mohammad Saiful Alam, chairman of S Alam Group.
The petition requested the court to issue directives to government authorities, including the Anti-Corruption Commission, to halt any sale or transfer of properties belonging to S Alam Group and its associates.
Furthermore, it sought a detailed inventory of the group鈥檚 assets and their attachment to the state under relevant asset forfeiture provisions.
The petitioner also asked for a directive preventing key members of the Board of Directors of Islami Bank Bangladesh Limited, along with senior executives not below the rank of deputy managing director, from leaving the country pending further investigation.
S Alam Group has reportedly lost control of eight Sharia-based banks, including the largest, Islami Bank Bangladesh Limited. The group initially gained control of Islami Bank in 2017, following a series of corporate maneuvers.
However, this shift in power comes to an end in the aftermath of the student-led mass uprising that culminated on August 5, leading to the fall of Sheikh Hasina鈥檚 government.
One of the pivotal aspects of the petition is the request for a government probe into the alleged laundering of vast sums of money, purportedly siphoned off by Saiful Alam and his wife, Farzana Parveen.
The writ petition demanded the probe upon an observation by the Appellate Division of the Supreme Court made in its February 5, 2024 verdict.
Although the Appellate Division quashed a suo moto order issued by the High Court in August 2023, calling for an inquiry into offshore investments amounting to Tk聽11,000 crore, it noted that the ACC and Bangladesh Financial Intelligence Unit could investigate the matter should they deem it appropriate.
The February verdict followed an appeal by Saiful Alam and his wife challenging the High Court鈥檚 earlier order. The High Court had initiated the probe after taking cognizance of a newspaper report alleging that the couple had transferred funds to Singapore, Cyprus, and other foreign jurisdictions without requisite approval from the Bangladesh Bank or other regulatory bodies.