The Supreme Court's chamber judge has issued a directive to suspend any inquiries into Mohammed Saiful Alam, the owner of S Alam Group, and his "assets abroad" until next year.
Justice Enayetur Rahim, presiding over the bench, issued this order and scheduled the next full-bench hearing for January 8, 2024, under the leadership of the chief justice.
This hearing date could extend beyond the upcoming parliamentary elections. Lawyers Ajmalul Hossain and Ahsanul Karim represented Alam and his wife, Farzana Parveen, in this matter.
The chamber judge instructed that the status quo regarding the case should be maintained until the forthcoming hearing.
However, the chamber judge refrained from making any remarks about Saiful's plea for a media gag, which was submitted by the party to the attorney general's office.
On August 21, a petition was filed with the Appellate Division of the Supreme Court seeking a stay on a High Court order that called for investigations into allegations against the S Alam Group owner for amassing substantial wealth abroad without approval from the Bangladesh Bank.
It is alleged that Saiful possesses numerous overseas properties, including a business conglomerate valued at nearly $1 billion in Singapore.
On August 6, the High Court directed the ACC, Bangladesh Financial Intelligence Unit (BFIU), and the police's Criminal Investigation Department to carry out inquiries based on a report by The Daily Star published on August 4.
The High Court requested their reports as soon as possible, preferably within two months.
Additionally, The Daily Star was asked to submit the documents supporting its report within two months.
On Tuesday, The Daily Star submitted an affidavit attesting to the authenticity of its report to the High Court. The report by the newspaper reveals that Saiful has established a business empire in Singapore worth around $1 billion, all the while without any record of obtaining approval from the central bank to invest or transfer funds abroad.
Thus far, the central bank has granted permission to 17 companies for foreign investments, and the S Alam Group, based in Chittagong, is not among them.
In Singapore, Saiful has acquired at least two hotels, two residences, a retail space, and other properties over the past decade, while attempting to minimize his paper trail presence, as indicated by the documents referenced in the report.
