Do not buy S Alam's assets: BB governor
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The S Alam Group is trying to sell properties that are not mortgaged to banks
Bangladesh Bank Governor Ahsan H Mansur today urged people not to buy assets of S Alam Group owner Mohammed Saiful Alam.
He said the S Alam Group is trying to sell properties that are not mortgaged to banks. However, the government is planning to refund the depositors of the affected banks, he said.
The refund process will start through a legal process, said Mansur at a press conference at the central bank headquarters in Dhaka.
"So, no one should buy the wealth of this group."
His suggestion comes amid allegations that S Alam Group, a Chottogram-based business house, took a huge amount of money from banks, mainly from the Shariah-based banks, using its influence over the board and connection with the just ousted Awami League government.
Over the last week, the BB restructured the board of five banks where S Alam and his relatives have good stakes.