The HC order came after The Daily Star published an investigative report on August 4 on S Alam's business empire worth at least about $1 billion in Singapore

A legal notice was served on the government, four editors of national newspapers, including The Daily Star, and seven journalists of the dailies on Thursday for reports the dailies published on Mohammad Saiful Alam and S Alam Group.

Below is the full unedited text of the rejoinder, dated August 7, 2023, along with our response

The High Court yesterday directed the authorities to investigate the allegations against the S Alam Group owner of owning businesses abroad without Bangladesh Bank’s permission.

Move comes following report published on The Daily Star under the headline 'S Alam's Aladdin's Lamp'

No official record of a single taka taken out of country, yet he and his wife obtain citizenship of Cyprus through investment, go on property-buying spree in Singapore

By investing only Tk 400 crore to establish a bank, the bank owners are able to control the deposits of thousands of crores of taka, decide where to invest it, and who to lend it to.

Bangladesh Bank yesterday re-appointed an observer at Islami Bank and dispatched an observer for the first time at First Security Islami Bank (FSIBL) -- the two Shariah-based lenders where Chattogram-based business giant S Alam Group has significant stakes.

Catch up with the news in 5 mins

Investigation into financial irregularities the first step forward

There are rumours in the market that a highly politically powerful business group is going to take over the ownership of the bank from S Alam Group.

Information about S Alam Group has bought a bank with money from another lender and taken controlling stakes in other banks is surfacing now, but people in the banking sector and involved in economic policy-making knew about the developments, said Ahsan H Mansur, executive director of the Policy Research Institute of Bangladesh.

Prime Minister Sheikh Hasina has called for an investigation into the affairs of S Alam Group, which has been in the public discourse in recent times for its alleged excessive borrowing from the banking system in violation of rules.

The government has been looking into the sources of money of S Alam Group across the country, Finance Minister AMA Muhith said yesterday.

Social Islami Bank Limited yesterday made dramatic changes to its board and top management in a move that can be viewed as strengthening the grip of Chittagong-based S Alam Group on the bank.

S Alam Group will have to ensure alternative livelihoods for the villagers in Gondamara of Banshkhali upazila if it is to set up a coal-based power plant there, speakers say at a views-exchange meeting.

Fear of losing livelihood and shelter on khas land has turned hundreds of landless families in coastal Gondamara union of Banshkhali upazila against the proposed coal-fired power plant of S Alam Group.