Court Reporter : The High Court has ordered the freezing of 81.92 percent shares held by the S Alam Group in Islami Bank Bangladesh PLC.The directive was issued last week by a High Court bench led by Justice KM Kamrul Kader, following a petition filed by the Islami Economic Research Bureau.
Advocate Shishir Monir stated on Friday, September 4, that the written copy of the order was published last Thursday.According to the writ petition, legal regulations prohibit any single group or family from holding more than 10 percent of shares.
However, 24 companies linked to S Alam were incorporated into the bank as institutional shareholders, accumulating an 81.92 percent stake.Previously, the High Court directed the freezing of bank accounts belonging to 24 institutional shareholders, directors, and individuals associated with S Alam in Islami Bank.
The court also barred these shareholder-directors from leaving the country without judicial permission.
