HC orders freeze on S Alam Group‍‍`s 81.92% Islami Bank shares

The High Court has ordered a freeze on a total of 81.92% of the shares in Islami Bank held in the names of 24 companies linked to S Alam.

The order was issued on Friday following a hearing on a petition filed by the Islami Economic Research Bureau. The High Court bench, headed by Justice K M Kamrul Kader, passed the order.

Lawyer Shishir Monir said the written copy of the order was released on Thursday, September 3.

The writ petition said that under the law, no single group or family is allowed to hold more than 10% of a bank’s shares. However, 24 companies linked to S Alam have become institutional shareholders of Islami Bank and collectively hold 81.92% of its shares.

Last year, the High Court had ordered the freezing of the bank accounts of the 24 institutional shareholders linked to S Alam, as well as those of their directors and individuals associated with them. The court had also barred the relevant shareholders and directors from leaving the country without its permission.