Alleging that Bangladesh Bank has resorted to a campaign of 'threats or intimidation' against the S Alam Group, the conglomerate's leader said international investment treaties and Singapore citizenship would act as shields against it. S Alam and his family members have warned Central Bank Governor Ahsan Mansoor about this in a letter. This information has been highlighted in a report by the UK media The Financial Times.
In the letter sent through the lawyers, the founder and chairman of the industrial group S Alam Mohammad Saiful Alam and his family members warned the central bank governor that they may approach the International Court of Arbitration against Bangladesh.
According to the report of The Financial Times, Ahsan Mansoor alleged that the S Alam group had smuggled 120 thousand crores from Bangladesh during the regime of Sheikh Hasina. Ahsan Mansoor made this complaint in an interview recently given to the UK's Financial Times newspaper.
In the wake of that interview, the legal firm Queen Emanuel Urquhart & Sullivan gave this letter on behalf of the S Alam family. A copy of the letter has been obtained by the Financial Times. It alleged that Governor Ahsan Mansoor had made baseless and inflammatory statements against the S Alam group in public. His statement was termed as 'intimidating' against S Alam group.
This letter and the threat of international arbitration case by the S Alam group is their biggest backlash against the interim government so far after the fall of the Sheikh Hasina government.
In an interview given to Financial Times, Ahsan Mansoor said that during the regime of Sheikh Hasina, influential businessmen close to the head of government have smuggled a huge amount of money from the banking sector with the help of intelligence agencies. Among them, the controversial business group S Alam alone has smuggled 1000 million dollars out of the country. It is the biggest bank robbery by international standards.
The letter also said that these allegations against S Alam group are false and defamatory.
The Financial Times did not respond to a request from the legal firm about when Saiful Alam acquired Singapore citizenship. It is not known whether they are still citizens of Bangladesh or not. The Singapore government also did not respond to requests from the Financial Times.
However, Bangladesh and Singapore signed a bilateral investment protection agreement in 2004.
According to Bangladesh Bank sources, Saiful Alam did not take any approval to invest abroad in accordance with the laws of Bangladesh. Saiful Alam's name is not in the list of the number of companies that have legally invested abroad.
On the other hand, according to the laws of Singapore, one can become a citizen by investing 2.5 million Singapore dollars (about 23 crore taka). For this he must have business experience. Besides, more investment has to be made in that country. If they can do this, their sons also get government jobs in that country. However, to become a citizen of Singapore, you have to give up your citizenship.
According to the letter, under this agreement, the comments of the Bangladesh Bank Governor will be considered as the comments of the State of Bangladesh. It has also been said that S Alam and his family have rights and protections as citizens of Singapore under the Foreign Private Act of Bangladesh in 1980.
The letter also said that all necessary measures will be taken to protect their rights as investors. Not only international arbitration cases, but other measures will also be taken if necessary.
Regarding this complaint, Ahsan Mansoor told Financial Times that his claim has 100% basis. These corruptions have happened in various banks for many years. This evidence is being compiled. A complete compilation will take time.
