S Alam Group, one of the country's leading industrial conglomerates, has sought financial, legal, and social assistance from the interim government to ensure the smooth continuation of its business operations.
In a letter addressed to the governor of Bangladesh Bank and the head of the Bangladesh Financial Intelligence Unit (BFIU), the group outlined its pressing need for support.
A Bangladesh Bank official, who wished to remain anonymous, confirmed that the central bank has received the letter from S Alam Group.
Following the fall of Sheikh Hasina’s government on 5 August, the central bank issued several directives concerning the group’s financial transactions, causing significant disruptions.
As a result, S Alam Group is struggling to manage its operations efficiently and has submitted this letter to Bangladesh Bank in an effort to resolve the situation.
The letter reveals that accounts belonging to various companies under the S Alam Group have been frozen in several banks across the country.
This has led to delays in the timely payment of salaries and wages to employees, raising concerns over potential labour unrest in industrial zones.
Furthermore, the letter highlights the group’s inability to settle bills for essential services due to the suspension of transactions.
The group fears that if services such as electricity, gas, and water are disconnected, production could come to a complete halt.
Additionally, the group is now unable to pay taxes, VAT, and customs duties, resulting in a loss of revenue for the government.
The group also claims that letters of credit (LCs) for critical goods, including food and other essential items, are being forcibly cancelled. This, they warn, could lead to shortages of food and other commodities in the market.
S Alam Group reported that sales across its various companies are steadily declining, straining relationships with both customers and suppliers. Of particular concern is the exodus of workers, as many employees are leaving their jobs.
The group has drawn special attention to this issue in its communication with Bangladesh Bank.
