S. Alam Group: Growth Story, Business Footprint, and Evolving Challenges

s alam group is one of Bangladesh’s most widely discussed business conglomerates. Founded in 1985 by industrialist Mohammed Saiful Alam Masud Chowdhury and headquartered in Chittagong, the group has grown from a trading business into a sprawling private enterprise with roughly 200 companies, around 20,000 employees, and reported equity of about 140 billion BDT (approximately 1.3 billion USD).

Today, S. Alam Group is deeply embedded in Bangladesh’s economic life. Its businesses produce everyday food staples, supply critical building materials, develop power infrastructure, operate ships, and hold significant stakes in banking and media. At the same time, the group has been at the centre of intense regulatory scrutiny, public debate, and legal disputes at home and abroad.

This article takes a structured look at both sides of that reality: the scale and impact of S. Alam Group’s operations, and the key areas of controversy that are shaping its next chapter.

Origins and Evolution of S. Alam Group

S. Alam Group was established in 1985 in Chittagong, historically one of Bangladesh’s most important commercial hubs. Over four decades, the enterprise has expanded from trading into a diversified conglomerate organised broadly into three pillars:

Finance– banking, non-bank financial institutions, and investment-related entities.
Industrial operations and manufacturing– food and allied products, steel, cement, and power & energy.
Commercial services and trading– shipping, transportation, logistics, real estate, and trading houses.

According to the group’s own statements, its companies support employment for over 20,000 people across Bangladesh and contribute to sectors that are central to the country’s growth, from infrastructure to consumer products.

Core Business Segments and Flagship Operations

Food and Allied Products: Feeding Everyday Bangladesh

One of S. Alam Group’s most visible contributions lies in food and allied products, especially edible oils and refined sugar that find their way into everyday household consumption. Key entities in this segment include:

S. Alam Soya Seed Extraction Plant Ltd.
S. Alam Vegetable Oil Limited and S. Alam Super Edible Oil Limited
S. Alam Refined Sugar Industries Ltd. (including Unit 2)
S. Alam Tank Terminal Ltd. for storage and handling of bulk commodities.

By investing in large-scale processing capacity and storage infrastructure, the group positions itself as a major player in ensuring a steady supply of key food inputs. This is particularly important for an import-dependent commodity basket like edible oil and raw sugar, where efficient handling and processing can help stabilise availability and support downstream industries such as packaged foods and confectionery.

Steel and Cement: Building Materials for a Growing Economy

Bangladesh’s construction and infrastructure boom has driven strong demand for steel and cement. S. Alam Group has strategically invested in these sectors, helping to supply raw materials for homes, factories, bridges, and other infrastructure projects. Major companies include:

S. Alam Steels Ltd.
S. Alam Cold Rolled Steels Ltd. (Units 1 and 2)
Galco Steels (BD) Ltd. (Units 1 and 2)
S. Alam Cement Ltd.
Portland Cements Ltd.

Through these entities, the group supplies long and flat steel products and cement that are widely used in public and private sector projects. Industry reports have noted S. Alam Group among the country’s leading conglomerates by turnover, reflecting the sheer volume of materials it moves through these industrial operations.

Power and Energy: The Banshkhali Coal-Fired Plant and Beyond

Energy security is a critical priority for Bangladesh, and S. Alam Group has moved aggressively into the power and energy domain. Its portfolio includes gas and power generation companies such as:

Karnaphuli Prakritik Gas Co. Ltd.
Shah Amanat Prakritik Gas Co. Ltd.
S. Alam Power Plant Ltd. and S. Alam Power Plant Ltd. (Unit-2)
S. Alam Power Generation Ltd.
SS Power 1 Ltd. and SS Power 2 Ltd. in Banshkhali, Chattogram (each 660 MW, together 1,320 MW).

In 2013, S. Alam Group signed an agreement with Chinese firm SEPCO3 to build a 1,320 MW coal-fired power plant at Banshkhali in Chattogram. This large base-load power plant, developed through SS Power, began commercial operation in 2023, significantly adding to the national grid’s capacity.

From a purely energy perspective, the project’s scale is substantial. A 1,320 MW plant can support industrial zones, urban centres, and grid stability, especially in a system where peak demand has been rising steadily. The Banshkhali project’s proponents highlight:

Its role in diversifying sources of electricity and reducing chronic power shortages.
Potential support for export-oriented manufacturing in the Chattogram region.
Job creation during construction and in ongoing operations, including local support services.

At the same time, coal-fired plants raise well-documented environmental and climate concerns, and Banshkhali has been no exception; these are discussed further in the section on controversies and scrutiny.

Shipping, Logistics, and Transportation

As Bangladesh’s trade volumes have grown, so has demand for maritime and domestic logistics. S. Alam Group has invested in vessels, logistics firms, and passenger transport, including:

Bering Sea Lines
Evergreen Shipping Ltd.
Sonali Cargo Logistics (Pvt.) Ltd.
Sonali Traders and Global Trading Cor. Ltd.
S. Alam Luxury Chair Coach Services Ltd. for long-distance road transport.

In one notable deal, the group purchased 20 ships from Western Marine Shipyard for about 2.5 billion taka, underscoring its commitment to owning and operating essential transport assets. Such capacity can strengthen trade flows by improving reliability of coastal and short-sea shipping services.

Real Estate, Properties, and Tourism

Property and real estate are another important leg of S. Alam Group’s portfolio. Subsidiaries include:

S. Alam Properties Ltd.
Modern Properties Ltd.
Hasan Abason (Pvt.) Ltd.
Ocean Resorts Ltd.
Prasad Paradise Ltd.
Marine Empire and Fatehabad Farm Ltd.

Through these companies, the group participates in residential and commercial real estate, hospitality, and land development. Property development can act as a powerful multiplier, supporting construction, building materials, and services.

Manufacturing and Packaging

Beyond steel, cement, and food processing, S. Alam Group operates several manufacturing units that support packaging and food industries, such as:

S. Alam Bag Manufacturing Mills Ltd.
Silver Food Industries Limited

These operations help integrate the group’s value chain, from raw materials to finished consumer goods, and provide further industrial employment opportunities.

Media and Broadcasting

S. Alam Group also has a footprint in Bangladesh’s media landscape. Reported holdings include:

Ekushey Television (ETV)– one of the country’s pioneering private satellite TV channels.
Nexus Television– launched in 2021 as a satellite television channel.

The group’s expansion into media reflects a broader trend among large conglomerates in South Asia to diversify into communications and content, which can offer strong audience reach and brand visibility. However, as explored later, media ownership has also been a flashpoint in public debate surrounding S. Alam Group.

Banking, Finance, and Capital Markets Involvement

One of the most consequential aspects of S. Alam Group’s growth has been its deep involvement in Bangladesh’s banking and financial sector. Over time, companies linked to the group have acquired significant stakes in several Shariah-based banks and financial institutions.

Key Banking and Financial Stakes

Publicly reported entities associated with S. Alam Group in finance include:

Islami Bank Bangladesh Limited (IBBL)
First Security Islami Bank
Social Islami Bank Limited
Union Bank Limited
Global Islami Bank (formerly NRB Global Bank Limited)
Aviva Finance (previously Reliance Finance)
Reliance Brokerage Services Limited

This constellation of banking and non-bank financial institutions places S. Alam Group at the heart of Bangladesh’s financial system, especially in Islamic banking. The group’s involvement has coincided with major transformations at Islami Bank Bangladesh Ltd, in particular.

Islami Bank Bangladesh Ltd: Turnaround and Remittance Powerhouse

Islami Bank Bangladesh Ltd (IBBL) is one of the country’s largest private banks and a key institution in Islamic finance. In the 2010s, the bank drew scrutiny from international and domestic regulators over governance, potential links to politically exposed groups, and concerns flagged in a 2012 report by the US Senate’s Homeland Security and Governmental Affairs Committee based on internal HSBC documents.

In response, the Bangladeshi authorities initiated a major overhaul of IBBL’s leadership and governance structure in 2017. Several directors were replaced, and a government observer was appointed to the board. Around this period, companies associated with S. Alam Group became important shareholders, and Arastoo Khan was appointed as chairman.

Reported reforms at IBBL included:

Reconstitution of the board and senior management to reduce alignment with any single political or ideological group.
Changes in recruitment practices aimed at increasing diversity and professionalism.
Stricter internal controls to address compliance and risk-management concerns.

By 2020, Islami Bank had become a leading conduit for remittances, handling over 30% of Bangladesh’s total inflows, according to central-bank data cited in local media. For a remittance-driven economy, this performance is significant: every dollar remitted through regulated channels bolsters foreign exchange reserves, supports families, and underpins domestic consumption.

Regulatory Questions Around Banking Stakes

The very scale of S. Alam Group’s banking interests has attracted regulatory attention. Media reports and analysts have raised concerns about:

Loan concentration and related-party exposure– commentary in Bangladeshi newspapers, citing economists and policy researchers, has alleged that group-linked entities obtained very large credit facilities from banks where S. Alam interests are influential. Figures as high as hundreds of billions of taka have been mentioned, though specific amounts and the quality of those loans remain matters of investigation and debate.
Shareholding limits– in 2017, local reporting indicated that S. Alam Group-affiliated companies acquired around 50% of Social Islami Bank Limited’s shares through multiple subsidiaries, raising questions under the Banking Company Act 1991, which generally caps individual or corporate shareholding in a bank (beyond which central-bank approval is required).
Emergency central-bank support– in early 2023, Islami Bank Bangladesh Ltd reportedly received 80 billion taka in liquidity support from Bangladesh Bank as part of a broader injection of funds into several Islamic banks linked to S. Alam interests. Regulators characterised this as an effort to stabilise the financial system amid concerns about deposit withdrawals and loan quality.

These issues are intertwined with wider investigations into the group and are central to the current policy and legal debates surrounding S. Alam Group’s role in Bangladesh’s financial architecture.

Overseas Investments and Singapore Connection

Reports in Bangladeshi and international media indicate that the Alam family has built substantial overseas assets, notably in Singapore. In 2022, Mohammed Saiful Alam and close family members acquired Singaporean citizenship, having previously renounced Bangladeshi nationality in 2020, according to reporting by the Financial Times.

The family has argued publicly that diversifying their citizenship and investment base provides protection against what they describe as arbitrary regulatory actions in Bangladesh. Critics, however, see these moves as raising questions about capital flows and alignment of interests between domestic operations and overseas holdings.

Philanthropy and Social Contributions

Alongside its commercial activities, S. Alam Group has highlighted a track record of philanthropy, especially in education and healthcare support.

Education-Focused Giving

According to Bangladeshi press coverage and the group’s own statements, S. Alam Group has supported:

Establishment and development of educational institutions– including schools, colleges, and universities in different parts of the country.
Scholarships and financial aid for students from low-income backgrounds.
Infrastructure funding for classrooms, laboratories, and campus facilities.

Investment in education can have long-term, compounding benefits for communities by expanding access to skills, improving employability, and opening pathways to higher earnings. For a conglomerate whose business depends on skilled labour and social stability, this form of philanthropy is both socially impactful and strategically aligned.

COVID-19 Response and Healthcare Support

During the early months of the COVID-19 pandemic in 2020, S. Alam Group provided medical and protective equipment to health facilities in Chattogram. Reports from local financial media describe donations that included:

ICU ventilators and high-flow nasal cannulas to support critical respiratory care.
Approximately 2,000 pieces of personal protective equipment (PPE) for doctors, nurses, and health assistants at hospitals under the Chattogram City Corporation.

In a health crisis that strained resources worldwide, such targeted, equipment-based contributions helped strengthen local hospitals’ capacity to manage severe cases and protect frontline workers.

Regulatory Scrutiny, Allegations, and Public Controversies

While S. Alam Group has built a large footprint across Bangladesh’s economy, it has also become one of the most scrutinised and criticised private-sector groups in the country. Numerous allegations and investigations have been reported by Bangladeshi and international media. Many of these matters are contested, under inquiry, or the subject of ongoing legal processes, so the underlying facts and potential liabilities remain to be fully established in courts or regulatory findings.

Below is a high-level, non-exhaustive overview based on published reports, presented with an emphasis on context rather than judgement.

Loan Concentration and Banking Probes

In late 2010s and early 2020s, Bangladeshi newspapers including The Daily Star, New Age, and Dhaka Tribune reported that conglomerates linked to S. Alam Group had borrowed very large sums from banks where the group or its associates were major shareholders. Some economists and policy researchers quoted by the media suggested that total exposures via various subsidiaries could run into the hundreds of billions of taka.

Key points from these reports include:

Concerns about related-party lending– critics argued that lending decisions may not have been fully arm’s-length, potentially concentrating risk in a limited set of borrowers.
Official investigations– the then Finance Minister publicly indicated that the government was examining S. Alam Group’s debt records and sources of funds, especially in relation to its bank acquisitions.
High Court scrutiny– in December 2022, a bench of the High Court Division ordered probes into loan practices at several banks associated with S. Alam interests, focusing on Social Islami Bank Limited, First Security Islami Bank, and Islami Bank Bangladesh Ltd.
Central-bank liquidity support– in December 2022, Bangladesh Bank injected additional funds into five Islamic banks linked in media reports to S. Alam Group, including Islami Bank Bangladesh, Social Islami Bank, First Security Islami Bank, Global Islami Bank, and Union Bank. The injections were framed as steps to safeguard depositors and maintain systemic stability.

The group and some of the banks have publicly rejected the most severe characterisations of these exposures as misappropriation, while investigations and policy discussions continue.

Banshkhali Power Plant: Protests, Worker Deaths, and Environmental Concerns

The 1,320 MW coal-fired power plant at Banshkhali has been one of S. Alam Group’s signature infrastructure moves, but also a focal point of controversy. Environmental organisations and local activists opposed the project from early on, citing worries about ecological impacts, displacement, and climate implications.

Two issues have drawn particular attention:

Environmental opposition– environmental groups and civil-society organisations have argued that large coal plants are inconsistent with Bangladesh’s climate-vulnerability profile and risk damaging local ecosystems. They called for a halt to the project or a shift toward cleaner energy mixes.
Worker deaths during protests– in April 2021, at least five workers were killed and more than 20 were injured when police opened fire during protests at the Banshkhali site. According to media reports, workers were demanding timely payment of wages and allowances, as well as breaks for prayers and iftar during Ramadan.

Following court proceedings, Bangladesh’s High Court reportedly ordered S. Alam Group to pay 500,000 taka in compensation to each of the families of the workers killed in the police action. In a separate development, the company filed a case under the Digital Security Act against a local engineer, leading to a contempt notice from the High Court directed at both the group and the police, as reported in the press.

These episodes have contributed to ongoing debates about labour rights, policing at industrial sites, and the governance of large energy projects in Bangladesh.

Alleged Capital Flight via Letters of Credit

One of the most serious allegations reported against an S. Alam-linked entity relates to the misuse of import Letters of Credit (LCs) for a portion of the Banshkhali coal plant’s capital machinery.

According to a detailed investigative report published by The Daily Star in September 2024, SS Power Ltd. (a concern of S. Alam Group) allegedly laundered about 815.78 million USD between 2019 and 2023. The report claims that:

Two LCs were opened for importing essential capital machinery such as boiler structures, generators, and transformers.
Funds were transferred abroad, reportedly to the project’s Chinese partner, based on invoices and documentation that customs authorities later found did not correspond to actual imports.
Some invoices allegedly uploaded to the central bank’s server via the managing bank contained future dates, mismatched import permissions, or references to companies with no connection to the project.
Despite the lack of recorded imports at Chattogram Customs, payments were processed, suggesting failures in banking and regulatory oversight.

Rupali Bank, which managed the LCs, has been cited as confirming the transfer of the funds abroad, while SS Power’s chief financial officer reportedly denied wrongdoing. As of the latest public reporting, regulators had acknowledged the seriousness of the allegations but comprehensive enforcement outcomes had not yet been made public.

From a governance perspective, the case has been used by commentators as a stark example of how gaps in oversight, documentation, and cross-agency coordination can allow large-scale capital flight, with potential macroeconomic implications for an import-dependent country.

Consumer-Protection and Market-Behavior Allegations

The Directorate of National Consumers’ Rights Protection has also featured S. Alam Group in its findings. According to a 2022 report in a Bangladeshi business daily, a mill under the group was found to have halted production or sale of bottled soybean oil during a period of national shortage, allegedly contributing to higher prices in the market.

While producers sometimes adjust operations due to cost pressures or supply constraints, regulators are increasingly sensitive to the risk of hoarding or market manipulation in essential commodities. The incident highlighted the tension between corporate flexibility and social responsibility when a single group wields significant influence over staple goods.

Media Ownership and the Ekushey Television Dispute

S. Alam Group’s ownership role in Ekushey Television (ETV) has been described by the Committee to Protect Journalists and local news outlets as part of a highly contentious sequence of events.

Key elements reported in the public domain include:

In January 2015, ETV broadcast a live speech by opposition figure Tarique Rahman. Its then chairman, Abdus Salam, was arrested shortly thereafter on charges including pornography and sedition, which press-freedom advocates such as the Committee to Protect Journalists argued were politically motivated.
In November 2015, S. Alam Group acquired ETV, in what later reporting and interviews have characterised as a hostile takeover facilitated by state security agencies under the then government.
Following political changes in 2024, Abdus Salam returned to ETV and publicly alleged that new shares had been issued in a way that diluted his stake and enabled S. Alam Group-linked interests to become majority shareholders, without his consent. These allegations, reported in local media and interviews, portray the episode as a “black chapter” for media freedom, though they have not yet been fully adjudicated in court.

For observers of the media sector, the ETV saga raises deeper questions about corporate acquisitions, political influence, and the independence of news outlets, especially when large conglomerates are involved.

Dispute with the Interim Government and Threat of International Arbitration

The political upheavals of 2024–2025 have further sharpened focus on S. Alam Group. Following the resignation of Prime Minister Sheikh Hasina in August 2024 and the formation of an interim government under Muhammad Yunus, the authorities announced investigations into alleged financial misconduct involving several major business groups, including S. Alam, Beximco, Bashundhara, Summit, Orion, and others.

Notice of Dispute Under the Bangladesh–Singapore BIT

On 18 December 2024, Mohammed Saiful Alam, now a Singaporean citizen, issued a formal notice of dispute to the Government of Bangladesh under the 2004 Bangladesh–Singapore Bilateral Investment Treaty (BIT), according to reports in the Financial Times. The notice was a precursor to potential international arbitration.

Represented by international law firm Quinn Emanuel Urquhart & Sullivan, the Alam family has alleged that actions taken by Bangladeshi authorities have unlawfully harmed their investments. The key grievances described in publicly available documents and media coverage include:

Asset freezing and travel bans– the family alleges that their bank accounts were frozen and travel restrictions were imposed without due process.
Corporate disruption– they claim that lending restrictions, management changes, and deal cancellations at S. Alam-linked banks were implemented arbitrarily and in violation of applicable laws.
Investigations without notice– the family contends that money-laundering and other probes were initiated without adequate formal notification or opportunity to respond.

The legal team argues that these measures have effectively destroyed the value of the family’s investments and breach protections afforded under the BIT and Bangladeshi law. The notice reportedly gives the government six months to reach an amicable settlement before arbitration is commenced.

For Bangladesh, the case carries implications not only for S. Alam Group but for the broader investment climate, as it will test how investor-state disputes are handled when domestic political change intersects with large, politically exposed conglomerates.

Balancing Scale, Impact, and Governance: What It Means for Bangladesh

S. Alam Group embodies many of the opportunities and tensions that define Bangladesh’s rapid economic transformation. On the opportunity side, the group’s reach is undeniable:

It plays a major role in supplying food staples, steel, and cement, helping to feed households and build infrastructure.
Its power projects, particularly the 1,320 MW Banshkhali plant, significantly augment national electricity capacity.
Its banking holdings have helped reshape Islamic finance, while institutions like Islami Bank have become central to handling remittances from the Bangladeshi diaspora.
Logistics, real estate, and media operations extend the group’s influence across everyday life, from transportation to television.
Philanthropic initiatives in education and healthcare support human capital and community resilience.

At the same time, the volume of allegations, investigations, and public criticism surrounding the group underscores how concentration of economic power can create intense governance risks if not matched by robust safeguards. Concerns around loan concentration, capital flight, labour rights, environmental impact, and media independence are not unique to S. Alam Group, but the group’s size makes its case especially consequential.

Looking Ahead: Pathways to a More Sustainable and Trusted Role

As Bangladesh navigates political transition and economic headwinds, the trajectory of S. Alam Group will have ripple effects across banking, energy, and industry. While many key questions will be resolved in courts, regulatory forums, and potentially international arbitration, several broad directions stand out as critical for a more sustainable and trusted role:

Deeper transparency– regular, independently audited disclosures on group-wide leverage, related-party transactions, and beneficial ownership structures can help rebuild market and public confidence.
Stronger governance at banks– ensuring truly independent boards, rigorous credit risk management, and strict adherence to single-borrower and group-exposure limits is vital to protecting depositors and financial stability.
Responsible energy transition– even as coal plants like Banshkhali operate, a clear strategy for investing in cleaner energy technologies, efficiency, and environmental safeguards can position the group as part of Bangladesh’s long-term sustainability solution.
Enhanced labour and community engagement– robust safety standards, timely wage practices, and meaningful dialogue with workers and local communities can reduce the risk of conflict at industrial sites.
Ethical media stewardship– if the group continues to own or invest in media, demonstrable editorial independence and transparent governance can help address concerns about political or commercial interference.

If S. Alam Group successfully addresses these governance and compliance challenges, it has the potential to convert its scale into durable, broad-based benefits for Bangladesh’s economy. The same industrial capacity, financial reach, and entrepreneurial drive that fuelled its rapid expansion could, under stronger oversight and clearer accountability, help anchor the country’s next phase of development.

For policymakers, investors, and citizens, the unfolding story of S. Alam Group is therefore more than a single conglomerate’s saga. It is a real-time test of how fast-growing emerging economies can harness large private-sector players for national progress while ensuring that their power is exercised responsibly, transparently, and in line with the public interest.