Islami Bank has put up at auction a steel mill, a power plant, an oil factory and 1,149 decimal of land of S Alam Group against the company’s defaulted loan of Tk 21.8 billion to Khatunganj corporate branch of the bank.
The loan was taken against three projects.
Khatunganj corporate branch of the bank has auctioned the assets through a newspaper advertisement today, Sunday.
The assets are S Alam Cold Rolled Steel Mills Limited, S Alam Power Generation and S Alam Vegetable Oil factories, the advertisement, published in newspapers from Dhaka and Chattogram, said.
According to the advertisement, the Khatunganj corporate branch of the bank owes nearly Tk 21.8 billion (2,179.95 crore) to Osman Gani, managing director of S Alam Cold Rolled Steel Mills Limited; chairman Abdus Samad; directors Mohammad Saiful Alam (S Alam) and Halima Begum; independent directors Sampad Kumar Basak and Hasan Iqbal; managing director of S Alam Power Generation Mohammad Shahidul Alam, chairman Touhidul Alam, directors Mohammad Abdullah Hasan and Ekhlasur Rahman; managing director of S Alam Vegetable Oil, Mohammad Shahidul Alam and chairman Farzana Parveen as of 20 April 2025.
The assets have been put up at auction as per the section 12(3) of the Artha Rin Adalat Ain, 2003.
Earlier on 20 April, the same branch of the bank auctioned S Alam Group’s 11 acres of assets, including sugar refinery to realise a due of Tk 99.48 billion.
S Alam Group took over Islami Bank in 2017 following a political decision of the Awami League government.
Since then, the group withdrew more than Tk 1 billion from the bank as loans.
After the fall of the Awami League government, the group lost control over the bank. Those loans have now started defaulting one by one.
The bank has started putting up at auction the properties of S Alam Group to realise its money through a legal process.