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Economists for probe into S Alam Group’s reported Tk 810cr investment in S’pore

fallstuff

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Economists for probe into S Alam Group’s reported Tk 810cr investment in S’pore


( Old news, but check it against recent IBIL theft)
July 14, 2016 12:19 am

Staff Correspondent
Economists on Wednesday said the government and the central bank should start an investigation into the reported investment of 135 million Singapore dollar or Tk 810 crore by S Alam Group to purchase a commercial space in Singapore.
Although Bangladesh law does not allow repatriation of money from the country, a Singaporean daily, The Business Times, on July 9 reported that Chittagong-based S Alam Group had purchased all the retail space of Centrium Square on Serangoon Plaza site in Little India in Singapore for S$135 million.
This works out to S$4,967 per square foot based on the freehold strata area of 27,179 sq ft — all on the first two levels, the report said.
Bangladesh Bank spokesperson and executive director Subhankar Saha told New Age on Wednesday that he had not been aware whether S Alam Group took permission from the central bank to make investment in Singapore.
A central bank official New Age on Wednesday that Bangladeshi citizens were not allowed to invest abroad as the country’s capital account was not convertible.
There is no scope to invest abroad by the country’s business people in line with Foreign Exchange Regulation (Amendment) Act, 2015, he said.
Such type of investment completely violates the country’s existing rules, regulations and act, he pointed out.
The purchase is being made by Canali Logistics, a Singapore-incorporated vehicle of Mohammed Saiful Alam, who controls Bangaldeshi conglomerate S Alam Group, which is involved in a range of activities, including agro-business, consumer products, cement, steel, power, energy, transportation, shipping, manufacturing, trading and property, The Business Times said.
Through Canali Logistics, Saiful Alam also acquired Hotel Grand Chancellor on Belilios Road, also in Little India, for S$248 million or Tk 1,488 crore in 2014, the report said.
The hotel has since been renamed Grand Imperial Hotel Singapore and word on the street is that it will soon undergo a revamp and thereafter be rebranded as a Hilton Garden Inn, it said.
Former interim administration finance adviser AB Mirza Azizul Islam told New Age on Wednesday that the BB should investigate against S Alam Group on the basis of the Singaporean newspaper report on how it made such investments abroad.

The BB should scrutinise whether S Alam Group laundered money to Singapore, he said.
Bangladeshi citizens have recently increased their investment in Malaysia, Canada and different banks of Switzerland violating laws, he said.
The illegal foreign investment will put an adverse impact on the country’s overall business sector, he said.
Former BB deputy governor Khondker Ibrahim Khaled told New Age that the central bank should start an investigation into the media report about foreign investment by S Alam Group.
Nobody is allowed to make investment abroad without taking BB permission, he said.
‘The business people have adequate scope to expand their investments in the country. So the central bank should take proper initiative to stop any type of illegal investment abroad’, he said.
According to the latest Swiss National Bank data, deposits by Bangladeshi citizens in banks in Switzerland rose by Tk 121 crore in 2015 compared to the amount in 2014.
The total deposits by Bangladeshi citizens soared to 550.85 million Swiss franc (Tk 4,420 crore) in 2015 from 508 million Swiss franc (Tk 4,299 crore) in 2014. The figure was 372 million franc or (Tk 3,236 crore) in 2013.
Bangladeshi citizens’ accounts in Switzerland’s banks indicated that the country continued to suffer capital flight mainly because of unfriendly business environment, a BB official said.
S Alam Group chairman Saiful Alam and vice chairman Abdus Samad could not be contacted despite repeated attempts over mobile phone.

 

Tom-tom

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Economists for probe into S Alam Group’s reported Tk 810cr investment in S’pore


( Old news, but check it against recent IBIL theft)
July 14, 2016 12:19 am

Staff Correspondent
Economists on Wednesday said the government and the central bank should start an investigation into the reported investment of 135 million Singapore dollar or Tk 810 crore by S Alam Group to purchase a commercial space in Singapore.
Although Bangladesh law does not allow repatriation of money from the country, a Singaporean daily, The Business Times, on July 9 reported that Chittagong-based S Alam Group had purchased all the retail space of Centrium Square on Serangoon Plaza site in Little India in Singapore for S$135 million.
This works out to S$4,967 per square foot based on the freehold strata area of 27,179 sq ft — all on the first two levels, the report said.
Bangladesh Bank spokesperson and executive director Subhankar Saha told New Age on Wednesday that he had not been aware whether S Alam Group took permission from the central bank to make investment in Singapore.
A central bank official New Age on Wednesday that Bangladeshi citizens were not allowed to invest abroad as the country’s capital account was not convertible.
There is no scope to invest abroad by the country’s business people in line with Foreign Exchange Regulation (Amendment) Act, 2015, he said.
Such type of investment completely violates the country’s existing rules, regulations and act, he pointed out.
The purchase is being made by Canali Logistics, a Singapore-incorporated vehicle of Mohammed Saiful Alam, who controls Bangaldeshi conglomerate S Alam Group, which is involved in a range of activities, including agro-business, consumer products, cement, steel, power, energy, transportation, shipping, manufacturing, trading and property, The Business Times said.
Through Canali Logistics, Saiful Alam also acquired Hotel Grand Chancellor on Belilios Road, also in Little India, for S$248 million or Tk 1,488 crore in 2014, the report said.
The hotel has since been renamed Grand Imperial Hotel Singapore and word on the street is that it will soon undergo a revamp and thereafter be rebranded as a Hilton Garden Inn, it said.
Former interim administration finance adviser AB Mirza Azizul Islam told New Age on Wednesday that the BB should investigate against S Alam Group on the basis of the Singaporean newspaper report on how it made such investments abroad.

The BB should scrutinise whether S Alam Group laundered money to Singapore, he said.
Bangladeshi citizens have recently increased their investment in Malaysia, Canada and different banks of Switzerland violating laws, he said.
The illegal foreign investment will put an adverse impact on the country’s overall business sector, he said.
Former BB deputy governor Khondker Ibrahim Khaled told New Age that the central bank should start an investigation into the media report about foreign investment by S Alam Group.
Nobody is allowed to make investment abroad without taking BB permission, he said.
‘The business people have adequate scope to expand their investments in the country. So the central bank should take proper initiative to stop any type of illegal investment abroad’, he said.
According to the latest Swiss National Bank data, deposits by Bangladeshi citizens in banks in Switzerland rose by Tk 121 crore in 2015 compared to the amount in 2014.
The total deposits by Bangladeshi citizens soared to 550.85 million Swiss franc (Tk 4,420 crore) in 2015 from 508 million Swiss franc (Tk 4,299 crore) in 2014. The figure was 372 million franc or (Tk 3,236 crore) in 2013.
Bangladeshi citizens’ accounts in Switzerland’s banks indicated that the country continued to suffer capital flight mainly because of unfriendly business environment, a BB official said.
S Alam Group chairman Saiful Alam and vice chairman Abdus Samad could not be contacted despite repeated attempts over mobile phone.



This is one of the reasons money laundering exist. As some companies want to diversify and other means of income outside of country for various reasons
 

mb444

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He has non BD based business and simply could have borrowed the money from SG banks by leveraging those.

He is not under any obligation to declare anything.....pis*ing in the wind crap
 

fallstuff

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S. Alom stole Tk30,000 crores from the banks and now people are talking about his Tk810 crore investment in Singapore.

Where is the other money he stole? Has it been given to Hasina Bibi as her share of the loot?
This is old news from 2016. They were just warming up to steal 6 or 7 banks !
 

bluesky

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This is old news from 2016. They were just warming up to steal 6 or 7 banks !
No wonder, BAL cronies want Hasina to remain in power forever without being elected. Every big bank looting has been done not without the permission of Hasina.

We are a very unlucky group of people where stealing is a virtue and not a vice. Yet, we claim we are the most religious people on this Earth.
 

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