The Appellate Division of the Supreme Court today discharged the High Court Division’s suo moto rule that had ordered an investigation into S Alam Group’s wealth abroad

The Supreme Court chamber judge today put on hold until next year the inquiry into S Alam Group owner Mohammed Saiful Alam’s "assets abroad".

A petition has been filed with the Appellate Division of the Supreme Court seeking stay on a High Court order that asked the authorities concerned to probe allegations against the owner of S Alam Group of amassing huge amounts of properties abroad without Bangladesh Bank's permission

The High Court yesterday declined to entertain a verbal appeal for recalling its August 6 order that had asked government authorities to probe the allegations that S Alam Group owner Mohammed Saiful Alam is running offshore businesses without Bangladesh Bank’s permission.

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

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