Bangladesh Governor Warns Against Buying Assets from S Alam Group

The S Alam Group, a major industrial conglomerate in Bangladesh, is facing accusations of financial irregularities and money laundering. Recent reports suggest that the group is attempting to sell its assets discreetly, leading to concerns about potential losses for banks and depositors. In response, Bangladesh Bank Governor Dr. Ahsan H. Mansur has issued a public warning against purchasing any assets from the group. The governor expressed concern that S Alam is attempting to sell assets that are not secured by bank loans, raising further questions about the group’s financial practices. He also stressed the government’s commitment to recovering funds for depositors affected by the group’s activities, promising a legal process for restitution. The governor’s statement comes after the central bank intervened to restructure the boards of five banks with ties to S Alam and his relatives.