Online Desk  :   S Alam Group, one of the largest industrial conglomerates in Bangladesh, shut its six factories in Chattogram on Tuesday, triggering workers’ unrest against the company’s decision. The shutdown was announced in a notice signed by Mohammad Borhan Uddin, the company’s head of human resources and administration, this afternoon. The business conglomerate is under government investigation for financial crimes and money laundering, allegedly carried out under the protection of the ousted Sheikh Hasina government. The factories include S Alam Refined Sugar Industries in Karnaphuli, S Alam Power Plant in Banshkhali, S Alam Cold Rolled, S Alam Cold Rolled Steel Knoff, S Alam Power Generation, and Infinity CR Strips Industries. Soon after the announcement, factory workers burst into protest, forcing other officials to flee the factories immediately. A group of workers threatened to go for a tough movement if the authorities do not reopen the factories immediately.

S Alam grabbed five banks –First Security Islami Bank, Global Islamic Bank, Islami Bank Bangladesh, Social Islami Bank, and Union Bank—thanks to the absolute influence of ousted former prime minister Sheikh Hasina.   Later, Bangladesh Bank provided additional funding to the five banks to meet liquidity crisis.  In January 2023, S Alam Group owned Islami Bank Bangladesh and received Tk 80 billion in emergency funds from Bangladesh Bank. In 2022, it was one of five Bangladeshi groups that imported more than one billion dollar worth of raw materials. Meanwhile, S Alam Group owner Mohammed Saiful Alam launched a legal effort as a Singaporean citizen to recover losses he claims were caused by the interim government freezing his assets and harming his investments following the ousting of former prime minister Sheikh Hasina.