High Court orders freezing of 81.92 percent shares of S Alam-related Islami Bank

The High Court has ordered the freezing of 81.92 percent shares of 24 companies related to S Alam in Islami Bank Bangladesh PLC.

A High Court bench headed by Justice KM Kamrul Quader passed the order after hearing the petition filed by the Islamic Economic Research Bureau on Friday (September 4).

Earlier, a written copy of the court's order was published on Thursday (September 3). The petitioner's lawyer Shishir Monir confirmed the matter.

81.92 percent shares of Islami Bank held by 24 companies

The petition states that according to the prevailing law, no group or family is allowed to control more than 10 percent of a bank's shares.

However, in the case of Islami Bank, the writ states that 24 companies related to S Alam are holding a total of 81.92 percent shares by joining as institutional shareholders.

In this situation, the court's intervention was sought by raising questions about the issue of share ownership and control of the bank.

Account freeze and ban on foreign travel in the past

The High Court has previously issued various orders regarding those related to S Alam in Islami Bank.

Last year, the bank accounts of 24 institutional shareholders, directors and individuals related to S Alam in Islami Bank were ordered to be frozen.

The same order also banned the relevant shareholders and directors from leaving the country without the permission of the court.

New High Court order on shares related to S Alam

As a result of the new order, a large amount of shares in the names of 24 companies related to S Alam in Islami Bank will remain frozen.

This order of the High Court is being seen as an important step in the ongoing legal process regarding the share ownership, control and role of the relevant companies.

However, the implementation of the court order and the position of the relevant parties in the subsequent legal process will be clear in the next proceedings.