During the regime of the ousted Prime Minister Sheikh Hasina, businessman S. Alam, who was much talked about as a Char grab, took over Islami Bank Bangladesh plc listed on the share market.

S Alam Group owned by S Alam took over 82 percent shares of the bank. The bank’s shareholders have demanded a ban on the sale or transfer of these shares in S Alam’s possession.

This demand was conveyed in writing to the chairman of the Bangladesh Securities and Exchange Commission (BSEC), the stock market regulatory body, on Sunday (August 18).

A copy of the letter has been sent to the Managing Director of Dhaka and Chittagong Stock Exchange and Central Depository Bangladesh Limited (CDBL), the custodian of the shares.

It is said in the letter, S Alam Group bypassed the laws and created investments (loans) from the bank through various illegal methods and influences and bought the shares of the bank through several companies in the country and abroad with that money.

The letter also said the same process forced long-time shareholders of the bank to sell their holdings. In this way, Islami Bank Bangladesh plc has acquired about 82 percent of the total shares of a very important strategic bank.

Citing reliable sources, the shareholders of Islami Bank said that they have information that Islami Bank shares are held by S Alam and his family in the name of 24 companies.

In the letter seeking the intervention of BSEC, it is said that a temporary ban should be imposed on the transfer or sale of shares in the interest of the depositors and common shareholders of Islami Bank on an urgent basis. For this purpose, CDBL and other regulatory bodies are urged to issue instructions for taking necessary measures.

Source: BSEC