The High Court has directed S Alam Group, its shareholder directors, and their family members to submit a comprehensive list of their immovable assets within the next four weeks. The order was issued to the Secretary of the Ministry of Law and the Director General of the Directorate of Registration.
This directive came during a preliminary hearing on Sunday from a bench comprising Justice Md. Kamrul Hossain Mollah and Justice Kazi Zinat Haque. The court also issued a rule asking why there should not be a freeze on the sale or transfer of shares held by S Alam Group’s shareholder directors and their family members.
The court’s order follows a writ petition filed on September 17. The petition demanded that the group disclose its immovable assets and sought a ban on their sale or transfer, citing concerns over money laundering.
The court’s rule also asked the authorities to provide details on the total amount of loans disbursed to S Alam Group, its directors, and their family members, as well as the steps taken to recover any laundered funds. Bangladesh Bank, the Bangladesh Financial Intelligence Unit (BFIU), and the Bangladesh Securities and Exchange Commission (BSEC) have been given four weeks to respond to the rule.
Barrister Md. Rokonuzzaman, representing the petitioner, confirmed the court’s orders, while Deputy Attorney General Tanim Khan represented the state. The Anti-Corruption Commission (ACC) was represented by lawyer Shaheen Ahmed.
Earlier, during the hearing on September 22, ACC’s counsel informed the court that they had initiated an investigation into the money laundering allegations against S Alam Group. In response, the court had postponed the hearing and instructed the ACC to update the court on their findings by today, September 29. Following the latest hearing, the High Court issued its order and rule.
