Mohammed Saiful Alam, one of Bangladesh’s richest businessmen, has initiated legal proceedings against the government, alleging that its actions have devastated his investments. According to a report by the Financial Times, Alam claims his assets were frozen, his businesses disrupted, and his rights violated following the fall of Sheikh Hasina’s government.
Alam, the chairman of the S Alam Group, has sent a formal dispute notice to the interim government under a bilateral investment treaty between Bangladesh and Singapore. The notice, prepared by Quinn Emanuel Urquhart & Sullivan, accuses Bangladesh of unlawful actions, including freezing bank accounts, travel bans, and arbitrary cancellation of business deals. The Alam family, now Singaporean citizens after renouncing their Bangladeshi nationality, asserts that these measures have destroyed the value of their investments.
The interim government, under caretaker leader Muhammad Yunus, is already grappling with efforts to recover billions allegedly siphoned during Hasina’s regime. Ahsan Mansur, the central bank governor, told the Financial Times that Saiful Alam and his associates misappropriated funds on an unprecedented scale, claims the S Alam Group has denied.
