Islami Bank to auction S Alam's property to recover money

Islami Bank Bangladesh PLC has issued a notice to auction the assets of Infinity CR Strips Industries Limited, a subsidiary of S Alam Group, to recover outstanding loans, reports UNB.

The Islami Bank published the auction notice for the sale of the company's assets in a national daily on Sunday (March 23).

According to the notice, the company in question owes Tk 27.38 billion, including principal and interest thereof, as of March 20, 2025. To recover this money, Islami Bank will sell Infinity CR Strips Industries' mortgaged 201.75 acres of land, including buildings and installations. The lands are located in Chattogram.

The notice asks interested buyers to offer bids (offer prices) by April 27.

Currently, S Alam Group holds about 83 per cent of Islami Bank's shares that have been seized on the order from the Bangladesh Bank. After the fall of the Awami League government, the board of Islami Bank was also dissolved. This ended the authority of S Alam Group over the bank.

Earlier, Janata Bank issued an auction notice to collect the loan by selling the mortgaged assets of various subsidiaries of S Alam Group.