HC orders freeze of S Alam’s 81.92% Islami Bank stake

The High Court has ordered the freezing of an 81.92% stake in Islami Bank Bangladesh PLC held by S Alam Group and 24 affiliated entities. The order came after a writ petition challenged their alleged violation of banking laws and control of the lender.

The petition argued that laws prohibit an individual, family, or related group from holding more than 10% of a bank’s shares. However, S Alam Group and its affiliates allegedly accumulated 81.92% of Islami Bank’s shares through various means.

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Lawyer Mohammad Shishir Monir said the High Court had previously frozen the bank accounts of S Alam-linked shareholders, directors, and individuals and restricted their overseas travel without court permission. The latest order adds to ongoing legal action over alleged financial irregularities and the group’s control of the bank.