S Alam Group today announced the closure of its six factories from Wednesday (December 25).

Group's Head of HR and Administration, Mohammad Borhan Uddin issued a notice in this regard. 

The six factories are - S Alam Refined Sugar Industries, S Alam Power Plant Limited, S Alam Cold Rolled Steels Limited, S Alam Cold Rolled Steels Limited-NOF, S Alam Power Generation Limited and Infinity CR Strips Industries Limited.

However, critical departments such as security, delivery, and emergency services will remain operational as per management decisions, the notice added.

The factories in Kalapul, Ichhanagar, and Banshkhali under Karnaphuli upazila will remain closed until further notice.

According to sources, the group’s chairman, Mohammad Saiful Alam, has given the interim government six months to resolve disputes over assets and investments. 

He has indicated plans to seek international legal steps if the matter remains unresolved.

On December 23, ‘Financial Times’ reported that Saiful Alam had sent a “dispute resolution notice” to the interim government’s chief advisor, Dr. Muhammad Yunus, and other advisors. 

The notice, issued on December 18, stated that Saiful Alam has begun international legal efforts to recover damages, citing a bilateral investment treaty between Bangladesh and Singapore signed in 2004.

The notice also revealed that the S Alam family has been permanently residing in Singapore since 2011, obtained Singaporean citizenship between 2021 and 2023, and renounced their Bangladeshi citizenship in 2020.

BDST: 1956 HRS, DEC 24, 2024
MSK/SMS