S Alam Group Threatens Arbitration Over Allegations

Mohammed Saiful Alam, chairman of S Alam Group, asserts that his Singapore citizenship and an international investment treaty protect him from allegations of financial misconduct levied by Bangladesh Bank Governor Ahsan H Mansur. In a letter from his lawyers, Alam warned of potential international arbitration against Bangladesh if the accusations, which claim he siphoned Tk1.2 trillion (about $10 billion) from banks, continue. Mansur alleged that Alam manipulated banking practices with the help of military intelligence to execute the largest bank heist in international standards. The letter accuses Mansur of waging a campaign of intimidation against a business that employs around 200,000 people in Bangladesh. This marks Alam's most significant resistance to the new interim government led by Muhammad Yunus, which took power after popular protests. The S Alam Group has denied the allegations, describing them as unsubstantiated and inflammatory.