Court freezes Tk 80bn worth of S Alam shares

ACC alleges attempts to transfer or dispose of the shares amid money laundering probe

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A Dhaka court has ordered the freezing of shares worth Tk 80 billion linked to S Alam Group Chairman Md Saiful Alam and 105 affiliated companies.

Dhaka Metropolitan Senior Special Judge Sabbir Faiz gave the order on Monday following an application from the Anti-Corruption Commission, said spokesperson Akhtarul Islam.

The ACC said the total of 5.13 billion shares was at risk of being transferred or disposed of, which could complicate future recovery efforts.

The agency’s Deputy Director Tahasin Munabil Haque submitted the petition, citing an ongoing money laundering investigation against Saiful and his associates.

The commission said a joint investigation team is probing the allegations and “found evidence” that attempts were being made to transfer ownership of the shares.

Earlier on Sept 25, the same court ordered an Interpol red notice against Saiful, the group’s Vice- Chairman Abdus Samad, and Director Mohammad Abdullah Hasan.