Defaulting Loan of Around Tk2,179 croreIslami Bank to auction steel mills, power plant, oil factory of S Alam Group

The Islami Bank Bangladesh PLC has announced to auction off properties, including steel mills, power plant, and edible oil factory, of the Chattogram-based industrial conglomerate S Alam Group to recover the defaulted loan of around Tk2,179 crore.

The bank's Khatunganj Corporate Branch, through a notice in a local newspaper, called on individuals interested in buying these assets to participate in the auction.

The notice stated that the bank gets around Tk2,179 crore, including dividends, from S Alam Cold Rolled Steel Limited, S Alam Power Generation Limited, Cold Rolled Steel Managing Director Osman Gani, Chairman Abdus Samad, directors Mohammad Saiful Alam, Halima Begum, independent directors Sampad Kumar Basak and Hasan Iqbal, S Alam Power Generation Limited Managing Director Mohammad Shahidul Alam, Chairman Touhidul Alam, directors Mohammad Abdullah Hasan, Ekhlasur Rahman, S Alam Vegetable Oil Limited Managing Director Shahidul Alam, and Chairman Farzana Parvin, among others till 20 April 2025.

On 20 April, the bank branch also announced to auction off some 11 acres of property, including sugar mills, to recover the defaulted loan of Tk9,948 crore from S Alam Group.