As much as 90 percent of the loans disbursed by a branch of state-run Janata Bank was for S Alam Group, in yet another instance of how the Chattogram-based business giant exerted its influence on the country’s banking sector.

SIBL, in which Chattogram-based S Alam Group holds a majority stake, hid Tk 7,924 crore of its defaulted loans, according to an inspection by the central bank.

With penalty, they owe government over Tk 7,000cr; S Alam Group director says they didn’t ‘evade even a single taka in VAT’

The state-owned Eastern Refinery (ERL) is likely to build its long-planned second unit in partnership with Chattogram-based conglomerate S Alam Group after previous attempts to expand the country’s oil refining capacity fell through because of a lack of financing.

The Appellate Division of the Supreme Court today discharged the High Court Division’s suo moto rule that had ordered an investigation into S Alam Group’s wealth abroad

The Supreme Court chamber judge today put on hold until next year the inquiry into S Alam Group owner Mohammed Saiful Alam’s "assets abroad".

A petition has been filed with the Appellate Division of the Supreme Court seeking stay on a High Court order that asked the authorities concerned to probe allegations against the owner of S Alam Group of amassing huge amounts of properties abroad without Bangladesh Bank's permission

S Alam Group on Monday submitted two petitions, one seeking to be made a party to a probe ordered by the High Court, and the other seeking a retraction of the probe and a gag order on media

The High Court yesterday declined to entertain a verbal appeal for recalling its August 6 order that had asked government authorities to probe the allegations that S Alam Group owner Mohammed Saiful Alam is running offshore businesses without Bangladesh Bank’s permission.

The HC order came after The Daily Star published an investigative report on August 4 on S Alam's business empire worth at least about $1 billion in Singapore

A legal notice was served on the government, four editors of national newspapers, including The Daily Star, and seven journalists of the dailies on Thursday for reports the dailies published on Mohammad Saiful Alam and S Alam Group.

Below is the full unedited text of the rejoinder, dated August 7, 2023, along with our response

The High Court yesterday directed the authorities to investigate the allegations against the S Alam Group owner of owning businesses abroad without Bangladesh Bank’s permission.

Move comes following report published on The Daily Star under the headline 'S Alam's Aladdin's Lamp'

No official record of a single taka taken out of country, yet he and his wife obtain citizenship of Cyprus through investment, go on property-buying spree in Singapore

By investing only Tk 400 crore to establish a bank, the bank owners are able to control the deposits of thousands of crores of taka, decide where to invest it, and who to lend it to.

Bangladesh Bank yesterday re-appointed an observer at Islami Bank and dispatched an observer for the first time at First Security Islami Bank (FSIBL) -- the two Shariah-based lenders where Chattogram-based business giant S Alam Group has significant stakes.

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Investigation into financial irregularities the first step forward

There are rumours in the market that a highly politically powerful business group is going to take over the ownership of the bank from S Alam Group.