As an Editor’s Digest subscriber, get access to exclusive stories handpicked by Roula Khalaf, Editor of the FT, in this weekly newsletter. Dive into the fascinating tale of one of Bangladesh’s wealthiest businessmen on a quest for justice in Singapore amid political turmoil in Dhaka.
- Mohammed Saiful Alam, founder of the renowned S Alam industrial conglomerate, seeks to reclaim his losses allegedly caused by the Bangladeshi government. The freezing of assets and perceived harm to his investments following the removal of former Prime Minister Sheikh Hasina have prompted Alam to take legal action as a Singaporean citizen.
- Alam’s intricate legal maneuver might jeopardize the interim government’s efforts to recover allegedly diverted funds from the previous regime. Alam and his family have initiated a notice of dispute, threatening international arbitration if a resolution isn’t reached within six months.
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Leveraging a 2004 bilateral investment treaty between Bangladesh and Singapore, the Alam family’s legal representatives raise grievances against Bangladesh’s caretaker leaders. Citations of frozen bank accounts, travel bans, altered management teams, investment cancellations, and undue scrutiny by state authorities paint a grim picture of their experiences.
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The letter from Quinn Emanuel Urquhart & Sullivan, representing the Alams, highlights violations of investment treaties and Bangladeshi laws. Allegations of value destruction, arbitrary government actions, and ongoing disputes underscore the precarious situation faced by the family and their businesses.
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Despite requests for comment from the Bangladesh government, no official response was issued regarding the allegations and legal threats. The appointment of Ahsan Mansur as central bank governor sheds light on accusations of financial malfeasance involving Saiful Alam and other individuals linked to banking improprieties.
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S Alam group refutes these claims, asserting their innocence in any financial wrongdoing. Meanwhile, Bangladesh faces a significant challenge in recovering misappropriated funds during Sheikh Hasina’s tenure.
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In a separate development, Tulip Siddiq, UK Treasury minister and Sheikh Hasina’s niece, became entangled in a corruption lawsuit in Bangladesh, alleging embezzlement of $5 billion by her family. Siddiq has abstained from public comments, with a UK government spokesperson denying her involvement in the accusations.
Amidst legal tussles, financial complexities, and familial connections, the plight of businesses and political figures in Bangladesh unravels, showcasing a tumultuous landscape ripe for international scrutiny. Dive deeper into the convoluted web of corruption, investments, and power dynamics shaping this South Asian nation.
