B Mirror Desk: Islami Bank has issued a notice to auction the properties of Infinity CR Strips Industries Limited, a subsidiary of S Alam Group, to recover outstanding loans.

The bank published an auction notice for the sale of the institution’s assets in a national daily on Sunday (March 23). According to the notice, Islami Bank owes the company Tk 2,738 crore in interest and principal as of March 20. To recover this amount, Islami Bank will sell 201.75 acres of land, including buildings and structures, mortgaged by Infinity CR Strips Industries. The lands are located in Chittagong.

The notice asks interested buyers to bid by April 27. Earlier in November, S Alam Group said that the Infinity CR Strips Industries factory had been closed due to lack of necessary raw materials due to the inability to open LCs. In 2019, S Alam Group bought shares of Islami Bank and took control of its board. After that, S Alam Group anonymously took a loan of more than Tk 50,000 crore from the bank. Currently, S Alam Group owns about 83 percent of Islami Bank’s shares, which are frozen by the Bangladesh Bank’s order. After the fall of the Awami League government, the board of Islami Bank was also dissolved. This ended the S Alam Group’s control over the bank