A steel mill, a power plant, an oil factory, and 1,149 decimal acres of S Alam Group land have been put up for auction by Islami Bank in response to the company’s default on a Tk 21.8 billion loan to the bank’s corporate branch in Khatunganj.
Three projects were pledged as collateral for the financing.
The assets were put up for auction by the bank’s Khatunganj corporate branch today, Sunday, through a newspaper ad.
According to the advertisement, which was printed in publications from Chattogram and Dhaka, the assets are S Alam Cold Rolled Steel Mills Limited, S Alam Power Generation, and S Alam Vegetable Oil companies.
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, are owed approximately Tk 21.8 billion (2,179.95 crore) as of April 20, 2025, the advertisement states.
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.
