S. Alam filed an arbitration case in the World Bank

S Alam and his family went to the International Court of Justice against the government for illegal confiscation of assets
One of the country’s most influential industrialists S Alam and his family have gone to international arbitration. They allege that the Bangladesh government is losing billions of dollars to them by illegally confiscating and destroying assets.

London-based media Financial Times said, last২৭ অক্টোবর সোমবার ওয়াশিংটনে অবস্থিত বিশ্বব্যাংকের ইন্টারন্যাশনাল সেন্টার ফর সেটেলমেন্ট অব ইনভেস্টমেন্ট ডিসপিউটস (আইসিএসআইডি)-এ সালিশি আবেদন জমা দিয়েছে এস আলম পরিবারের আইনজীবীরা। The Financial Times published the news on Wednesday morning.

Complaints against the government: S Alam family claims that the Bangladesh government is taking various punitive measures against them. These include, unjustified seizure of bank accounts andconfiscation of assets, groundless investigations into business dealings, and “persuasive media campaigns” against them.

They said the actions cost the family hundreds of millions of dollars in damages, although specific compensation figures were not provided.

Big challenge for Dr. Yunus government: After the fall of Sheikh Hasina government on August 5, 2024, the interim government led by Prof. Muhammad Yunus is strict against the S Alam family.Take action.

This arbitration case is now seen as a big challenge for the Yunus government. Because the government claimed, during the previous 15 years of rule, 234 billion (23 thousand 4 billion) dollars were smuggled out of the country. Bangladesh Bank Governor Ahsan H Mansoor is leading the recovery of this smuggled money.

Ahsan H Mansoor’s Complaint: Bangladesh Bank Governor Ahsan Mansoor has complained that the S. Alam family is in the banking business of Bangladesh.About $12 billion was laundered from the system. His question – “Where did this money go?”

He further said that S Alam and his accomplices have committed fraud and loan scams by taking control of six banks. “We have a lot of evidence,” — said Governor Ahsan H. Mansoor. “The condition of these banks is pathetic. The government had to bail them out to save them.”

Residence in Singapore and Bilateral Agreement: Bangladesh-Singapore Bilateral in 2004The arbitration case was filed under the Investment Treaty. According to the Financial Times, the S Alam family renounced Bangladeshi citizenship in 2020 and took up Singaporean citizenship in 2021-2023.

They claim that as citizens of Singapore, they are entitled to protection under international investment treaties.

Government response: Bangladesh Bank Governor Ahsan H Mansoor to Financial Times”Whenever the application comes to us, we will respond appropriately,” he said. However, the Office of the Chief Counsel did not comment on the matter.

Previous warning: In December last year, the S Alam family’s lawyers told the interim government that they would go to arbitration if the dispute was not resolved within six months. In the end they walked that way.

S Alam Group’s Response: S Alam Group has always been a GovtThe allegations are being denied. They said that the allegations raised by Governor Ahsan Mansoor have no basis.

Financial Times.