The S Alam Group, led by its founder and chairman, has warned Bangladesh Bank’s governor of potential international arbitration following allegations of siphoning off Tk 1.2 trillion ($10 billion) from Bangladeshi banks during the previous regime. The group’s lawyers, in a letter dated November 19, accused the governor of making “false and defamatory” statements that amount to an intimidation campaign against the conglomerate, which employs 200,000 people in Bangladesh. The group, backed by Singaporean citizenship and a 2004 bilateral investment treaty, claims these remarks violate investor protections under Bangladeshi and international laws.
The central bank governor alleged that the group inflated import invoices and misused loans in one of the largest financial scandals globally. While the S Alam Group denied these accusations, its legal team warned of arbitration at the International Centre for Settlement of Investment Disputes. The governor defended his claims, stating they were substantiated and being documented further.
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