2024-08-22 13:22:29
Published: 21:48, 20 August 2024 Updated: 21:49, 20 August 2024
The Bangladesh Securities and Exchange Commission (BSEC) has imposed a ban on the sale and transfer of shares of group chairman Mohammad Saiful Alam and 25 members of his family in six banks owned by S Alam Group. It is said that BSEC has taken this decision in the light of Bangladesh Bank’s instructions.
BSEC Executive Director and Spokesperson Mohammad Rezaul Karim confirmed this information to RisingBD on Tuesday (August 20) evening.
He said that BSEC has imposed restrictions on the sale and transfer of shares of Saiful Alam’s family members in the light of Bangladesh Bank’s directives.
The six banks under S Alam Group are – Islami Bank, First Security Islami Bank, Social Islami Bank, Global Islami Bank, Union Bank and Bangladesh Commerce Bank.
According to the instructions of BSEC, prohibition was imposed on sale and transfer of shares of group chairman Saiful Alam and 25 members of his family in six banks owned by S Alam Group. The ban will also apply to 56 institutions under the S Alam Group.
At present the Chairman of First Security Islami Bank is Mohammad Saiful Alam. His son Ahsanul Alam is the Chairman of Islami Bank. Bangladesh Bank had earlier informed that there are major irregularities in the distribution of loans of these banks. They are now being investigated. For this reason, Bangladesh Bank has asked to ban the sale and transfer of shares in banks.
NT/Rafiq