S Alam Group known Real Estate purchase in Singapore

[fallstuff]

(*It is just what I saw on Internet. It is hard to believe that no one else knows about these purchases*)

KEPPEL’S ALPHA INVESTMENT PARTNERS SELLS IBIS NOVENA HOTEL FOR S$170M​

2019/06/28 BY MICHAEL COLE 4 COMMENTS

Alpha is selling the Ibis Novena Hotel for a S$20 mil mark-up over the 2013 price
Alpha Investment Partners has sold a 241-room hotel in Singapore’s Novena area for just under S$170 million ($125.6 million), according to sources familiar with the transaction who spoke with Mingtiandi.
The private equity division of Keppel Capital has already handed over the Ibis Novena Hotel to companies controlled by Bangladeshi tycoon, Mohammed Saiful Alam, chairman of Chitttagong-based conglomerate S Alam Group, Mingtiandi understands, in a deal which closed on Wednesday.

Through the off-market transaction, the buyer is acquiring the freehold property in Singapore’s heartland region for just over S$705,000 per room, as investors continue to scramble for income earning property assets in Singapore.

Keppel PE Unit Sells Assets as Fund Matures​

Alpha is selling the eight-year-old hotel approximately five years after purchasing the Ibis Novena in 2013. The private equity firm is said to be selling at a cap rate of around 3.0 percent with the transaction motivated by the impending end of one of Alpha’s property funds. The transaction was first reported by Singapore’s Business Times.

Bangladeshi mogul Mohammed Saiful Alam has now picked up his third Singapore hotel
In April of this year AIP, together with its joint venture partner City Developments Ltd, had agreed to sell 7 and 9 Tampines Grande, a pair of eight-storey office blocks in eastern Singapore, to a fifty-fifty joint venture between listed-developer Metro Holdings and privately held Evia Real Estate for a reported S$395 million. The Keppel unit had participated in the office park development in northeastern Singapore through its Alpha Asia Macro Trends Fund (AAMTF) II strategy.
Alpha had started off the year with a disposal from its AAMTF II portfolio by selling the Manulife Centre on Singapore’s Bras Basah Road, another asset held by its cooperative investment strategy with CDL, to a joint venture between ARA Asset Management and London’s Chelsfield for S$555 million.
Keppel reached a $1.1 billion final close on AAMTF III in January of this year, with the company now understood to be selling off the assets of its earlier fund to realise returns for investors.

Selling Off a Greener Hotel​

During the time that Alpha held the hotel, the private equity firm invested in upgrading the asset, including giving the property an eco-friendly make-over, including LED lighting and replacing the air conditioning system to enable the Ibis Novena to receive the Building Construction Authority of Singapore’s Green Mark Platinum Award for energy efficiency in 2015.

Alpha Investment Sells Ibis Novena Hotel in Singapore - Mingtiandi

Alpha Investment Partners has sold the Ibis Novena hotel in Singapore to companies controlled by Mohammed Saiful Alam for just under S$170 million.

www.mingtiandi.com

https://tongeng.com.sg/wp-content/uploads/2019/03/Bangladeshi-group-pays-S135m-for-Centrium-Squares-retail-space.pdf

 

[fallstuff]

Probe S Alam Group assets​

PM orders amid allegation of overvaluation of land

Prime Minister Sheikh Hasina has called for an investigation into the affairs of S Alam Group, which has been in the public discourse in recent times for its alleged excessive borrowing from the banking system in violation of rules.

Specifically, Hasina has commissioned an investigation into the Chattogram-based business giant's fixed assets, The Daily Star has learnt from people involved with the proceedings.

Accordingly, Ahmad Kaikaus, the PM's principal secretary, has directed the Chattogram's deputy commissioner to look into the assets of S Alam Group against which loans were taken. He also sought valuations of the assets.

For all latest news, follow The Daily Star's Google News channel.​

In turn, the DC has instructed all assistant commissioners (land) in the Chattogram division to investigate the matter, a development that top officials of the land ministry has confirmed to The Daily Star.

In their preliminary investigation, the ACs have so far found a plot of land belonging to S Alam Group whose value is about Tk 70 crore but was shown to be Tk 500 crore in the loan documents, according to three people familiar with the extraordinary investigation, who spoke on the condition of anonymity due to the sensitivity of the issue.


One land that is shown to be in S Alam Group's possession has fake documents, while another address was used by S Alam to take multiple bank loans.

In a separate move, the Bangladesh Financial Intelligence Unit, the agency responsible for investigating money laundering, suspicious transactions and cash transaction reports, has opened an investigation into S Alam Group on its own.

Founded in 1985 by Muhammad Saiful Alam Masud Chowdhury, a relative of former Awami League politician Akhtaruzzanan Chowdhury Babu and Land Minister Saifuzzaman Chowdhury, S Alam Group has grown into one the largest conglomerates in Bangladesh.


Its interests range from commodity trading to fishery, from construction materials to real estate, from textiles to media, from intercity buses to shipping, and from power and energy to banks and insurance.

The group has been in the news recently for its alleged borrowing of upwards of Tk 30,000 crore from Islami Bank, where it has 26.73 percent stakes through its representative companies, shows the Shariah-based lender's internal documents.

As per banking rules, S Alam Group and its affiliate companies can take a maximum of Tk 215 crore from the bank.

As of September, the total outstanding loans of Islami Bank, Bangladesh's largest private sector bank, stood at Tk 145,897 crore, according to data from the Bangladesh Bank.

In response, the High Court on Sunday directed the S Alam Group's chairman to explain its alleged excessive borrowing from banks and furnish documents by April 5.

Probe S Alam Group assets

Prime Minister Sheikh Hasina has called for an investigation into the affairs of S Alam Group, which has been in the public discourse in recent times for its alleged excessive borrowing from the banking system in violation of rules.

www.thedailystar.net

 

[EasyNow]

Probe S Alam Group assets​

PM orders amid allegation of overvaluation of land

Prime Minister Sheikh Hasina has called for an investigation into the affairs of S Alam Group, which has been in the public discourse in recent times for its alleged excessive borrowing from the banking system in violation of rules.

View attachment 909967

Specifically, Hasina has commissioned an investigation into the Chattogram-based business giant's fixed assets, The Daily Star has learnt from people involved with the proceedings.

Accordingly, Ahmad Kaikaus, the PM's principal secretary, has directed the Chattogram's deputy commissioner to look into the assets of S Alam Group against which loans were taken. He also sought valuations of the assets.

For all latest news, follow The Daily Star's Google News channel.​

In turn, the DC has instructed all assistant commissioners (land) in the Chattogram division to investigate the matter, a development that top officials of the land ministry has confirmed to The Daily Star.

In their preliminary investigation, the ACs have so far found a plot of land belonging to S Alam Group whose value is about Tk 70 crore but was shown to be Tk 500 crore in the loan documents, according to three people familiar with the extraordinary investigation, who spoke on the condition of anonymity due to the sensitivity of the issue.


One land that is shown to be in S Alam Group's possession has fake documents, while another address was used by S Alam to take multiple bank loans.

In a separate move, the Bangladesh Financial Intelligence Unit, the agency responsible for investigating money laundering, suspicious transactions and cash transaction reports, has opened an investigation into S Alam Group on its own.

Founded in 1985 by Muhammad Saiful Alam Masud Chowdhury, a relative of former Awami League politician Akhtaruzzanan Chowdhury Babu and Land Minister Saifuzzaman Chowdhury, S Alam Group has grown into one the largest conglomerates in Bangladesh.


Its interests range from commodity trading to fishery, from construction materials to real estate, from textiles to media, from intercity buses to shipping, and from power and energy to banks and insurance.

The group has been in the news recently for its alleged borrowing of upwards of Tk 30,000 crore from Islami Bank, where it has 26.73 percent stakes through its representative companies, shows the Shariah-based lender's internal documents.

As per banking rules, S Alam Group and its affiliate companies can take a maximum of Tk 215 crore from the bank.

As of September, the total outstanding loans of Islami Bank, Bangladesh's largest private sector bank, stood at Tk 145,897 crore, according to data from the Bangladesh Bank.

In response, the High Court on Sunday directed the S Alam Group's chairman to explain its alleged excessive borrowing from banks and furnish documents by April 5.

Probe S Alam Group assets

Prime Minister Sheikh Hasina has called for an investigation into the affairs of S Alam Group, which has been in the public discourse in recent times for its alleged excessive borrowing from the banking system in violation of rules.

www.thedailystar.net

I did predict this in a recent post - glad action is being taken.

I'm sure S Alam group owns enough assets to cover the defaulted loan

 

[mb444]

I did predict this in a recent post - glad action is being taken.

I'm sure S Alam group owns enough assets to cover the defaulted loan

Has the group defaulted on the loans it has taken out?

It can only borrow in Taka, how did it convert to hard currency unless the group is involved in hundi.

 

[fallstuff]

Has the group defaulted on the loans it has taken out?

It can only borrow in Taka, how did it convert to hard currency unless the group is involved in hundi.

They don't need to, not when you own a bunch of banks. Just open LC against fake import invoices. It is just that simple ! Send the money abroad just like that.

 

[Bilal9]

Probe S Alam Group assets​

PM orders amid allegation of overvaluation of land

Prime Minister Sheikh Hasina has called for an investigation into the affairs of S Alam Group, which has been in the public discourse in recent times for its alleged excessive borrowing from the banking system in violation of rules.

View attachment 909967

Specifically, Hasina has commissioned an investigation into the Chattogram-based business giant's fixed assets, The Daily Star has learnt from people involved with the proceedings.

Accordingly, Ahmad Kaikaus, the PM's principal secretary, has directed the Chattogram's deputy commissioner to look into the assets of S Alam Group against which loans were taken. He also sought valuations of the assets.

For all latest news, follow The Daily Star's Google News channel.​

In turn, the DC has instructed all assistant commissioners (land) in the Chattogram division to investigate the matter, a development that top officials of the land ministry has confirmed to The Daily Star.

In their preliminary investigation, the ACs have so far found a plot of land belonging to S Alam Group whose value is about Tk 70 crore but was shown to be Tk 500 crore in the loan documents, according to three people familiar with the extraordinary investigation, who spoke on the condition of anonymity due to the sensitivity of the issue.


One land that is shown to be in S Alam Group's possession has fake documents, while another address was used by S Alam to take multiple bank loans.

In a separate move, the Bangladesh Financial Intelligence Unit, the agency responsible for investigating money laundering, suspicious transactions and cash transaction reports, has opened an investigation into S Alam Group on its own.

Founded in 1985 by Muhammad Saiful Alam Masud Chowdhury, a relative of former Awami League politician Akhtaruzzanan Chowdhury Babu and Land Minister Saifuzzaman Chowdhury, S Alam Group has grown into one the largest conglomerates in Bangladesh.


Its interests range from commodity trading to fishery, from construction materials to real estate, from textiles to media, from intercity buses to shipping, and from power and energy to banks and insurance.

The group has been in the news recently for its alleged borrowing of upwards of Tk 30,000 crore from Islami Bank, where it has 26.73 percent stakes through its representative companies, shows the Shariah-based lender's internal documents.

As per banking rules, S Alam Group and its affiliate companies can take a maximum of Tk 215 crore from the bank.

As of September, the total outstanding loans of Islami Bank, Bangladesh's largest private sector bank, stood at Tk 145,897 crore, according to data from the Bangladesh Bank.

In response, the High Court on Sunday directed the S Alam Group's chairman to explain its alleged excessive borrowing from banks and furnish documents by April 5.

Probe S Alam Group assets

Prime Minister Sheikh Hasina has called for an investigation into the affairs of S Alam Group, which has been in the public discourse in recent times for its alleged excessive borrowing from the banking system in violation of rules.

www.thedailystar.net

Nothing will happen, Hasina will take bakhra after unleashing her regulators on this guy.

Hasina will get paid off and all will be hunky dory.

This is just for overt show and smoothing ruffled public feathers before the election.

Have you guys heard from that fifth columnist ba$tard who siphoned thousands of crores ($ Billions) to Indian banks and bought dozens of properties in Kolkata?

Nothing.

Same here......

 

[fallstuff]

Nothing will happen, Hasina will take bakhra after unleashing her regulators on this guy.

Hasina will get paid off and all will be hunky dory.

This is just for overt show and smoothing ruffled public feathers before the election.

Have you guys heard from that fifth columnist ba$tard who siphoned thousands of crores ($ BIllions) to Indian banks and bought dozens of properties in Kolkata?

Nothing.

Same here......

S Alam is connected to আখতারুজ্জামান বাবু and Land Minister as it says in the article by Daily Star. The worst thing Hasina did was digital security act. She shut down pretty much all avenues to say anything against the corruption.

 

[EasyNow]

Has the group defaulted on the loans it has taken out?

It can only borrow in Taka, how did it convert to hard currency unless the group is involved in hundi.

There's a lot of rumours flying around so not sure exactly what's happened. But the fact is, if a loan was sanctioned without due diligence or without following the comprehensive procedures - someone needs to be held accountable.

This is Bangladesh and it looks like the authorities have decided S Alam is the one to pay

 

[bluesky]

Nothing will happen, Hasina will take bakhra after unleashing her regulators on this guy.

Hasina will get paid off and all will be hunky dory.

This is just for overt show and smoothing ruffled public feathers before the election.

Hasina is the main perpetrator of the bank robbery digital style. Now, Hasina is trying to convey a message to S. Alam, "Do not get anxious because I now have taken the issue in my hand. Just pay the remainder of my due and ask your lawyers to get ready to declare you bankrupt. Brace yourself for a long Court battle".