Dhaka, July 24 -- A Chattogram court has frozen more than Tk548 crore in bank deposits and nearly 59 crore shares belonging to S Alam Super Edible Oil Ltd a subsidiary of the S Alam Group in connection with a massive loan default case involving Islami Bank's Khatunganj branch.
Judge Md Helal Uddin of Artha Rin Adalat No 1 issued the order on Wednesday (23 July) after hearing a petition filed by the bank.
The court also directed 14 accused, including the company, to show cause within the next 10 days as to why they should not be held accountable for the alleged loan default.
The case was filed by Islami Bank Bangladesh PLC's Khatunganj branch, which claims that S Alam Super Edible Oil Ltd and the 14 individuals failed to repay loans total...