S Alam Gr. Chair accuses BB of ‘intimidation’, vows action

Md. Saiful Alam, Chairman of S Alam Group. File photo

Dhaka, Nov 20 - Md. Saiful Alam, Chairman of S Alam Group, has accused the Bangladesh Bank of using "intimidation" against him, according to a report by the UK-based Financial Times. Alam believes his Singaporean citizenship and international investment treaties will protect him from such actions.

The Financial Times report revealed that lawyers representing S Alam and his family have sent a letter to the central bank, accusing Bangladesh Bank of making “unfounded claims” and threatening to pursue legal action in an international court. The law firm Queen Emanuel Urquhart & Sullivan drafted the letter, which was reportedly obtained by the Financial Times.

The dispute stems from comments made by Bangladesh Bank Governor Ahsan H. Mansur in a previous interview with the Financial Times. Mansur alleged that the S Alam Group laundered Tk 1.20 lakh crore from the banking system during Sheikh Hasina's tenure as Prime Minister.

The letter sent by S Alam’s legal representatives refutes these claims, describing them as “baseless and provocative”. The group labeled the statements an act of "intimidation" against them.

The S Alam Group has reportedly threatened to file an arbitration case against Bangladesh Bank in an international court.

According to Bangladesh Bank, Saiful Alam did not seek approval for overseas investments as required by Bangladeshi law. His name is absent from the list of individuals or companies permitted to make legal foreign investments.

Bangladesh Bank has declined to comment on the allegations or the legal threat from S Alam Group. - UNB