S. A. Group

From Wikipedia, the free encyclopedia
S. A. Group
SA-Group Logo.png
Formation1988
HeadquartersChittagong, Bangladesh
Region served
Bangladesh
Official language
Bengali
Managing Director
Shahabuddin Alam
Websitewww.sagroupbd.com

S. A. Group (Bengali: এস.এ গ্রুপ) is a Bangladeshi diversified conglomerate based in Chittagong. Shahabuddin Alam is the Managing Director of S.A. Group.[1] S.A. Group is one of the largest loan defaulters in Bangladesh.[1]

History[]

S. A. Group was established in 1988.[2]

S.A. Group started producing Appayan Vegetable Oil in 2006.[3]

On 23 May 2011, Department of Environment funded Shah Amanat Textile Mill, a subsidiary of S.A. Group, 2.8 million taka for polluting the environment and operating without an Effluent Treatment Plant.[4]

Bangladesh Bank after an investigation in May 2013 found Shahabuddin Alam, Managing Director of S.A. Group and Director of Mercantile Bank, had embezzled money from the bank for his S.A Group.[5]

In 2014, Bangladesh Bank fined Bangladesh Krishi Bank 50 thousand taka for providing 1.8 billion taka loan to S.A. Group, through two subsidiaries, despite it being known as a loan defaulter.[6] Agrani Bank Limited filed a lawsuit against Shahabuddin Alam and his wife over the bouncing of three cheques.[7] On 20 February 2020, they both secured bail from the Chittagong Metropolitan Session Court Judge SM Mojibur Rahman.[7]

National Bank auctioned properties owned by SA Oil Refinery to recover 2.15 billion taka loan.[8][6] The Bank sued Alam and his wife, Yasmin Alam, who is also chairperson of S.A. Group over the bouncing of a 10 million taka checque.[9] It had sued S.A. Group on 27 March 2016 with Double Mooring Police Station in Chittagong to recover the loan.[10] A Chittagong Court issued a travel ban on the Managing Director of S.A. Group Shahabuddin Alam.[10]

On 11 October 2017, Islami Bank announced that they will three properties mortgaged by S.A. Group to recover 5.73 billion taka loan given to three subsidiaries of S.A. Group, Kamal Vegetables Oil, Sharija Oil Refinery, and Sharija Navigation.[6] The S.A. Group restructured loans from Agrani Bank Limited, Bank Asia Limited, First Security Islami Bank Limited, Janata Bank Limited, Prime Bank Limited, and Rupali Bank Limited worth 10 billion taka according to Bangladesh Bank.[6][11]

On 18 October 2018, Managing Director of S.A. Group Shahabuddin Alam was arrested by the Criminal Investigation Department over irregular loans.[1] S.A. Group is one of the largest loan defaulters in Bangladesh with total outstanding loans exceeding 35 billion taka.[1] Bank Asia sued him for defaulting on a 280 million taka loan with EPZ Police Station in Chittagong.[1] He was detained on the Bank Asia case from 2014 over the import of crude palm oil.[1] Alam was also sued by Prime Bank which had alleged that he transferred ownership of his mortgaged properties to his children and other close relatives.[1] The Bank is owned 840 million taka by SA Oil Refinery and Samannaz Super Oil, owned by Alam.[1] Pubali Bank sued Alam and his wife for dishonoring a check and they owe 2.75 billion taka to the bank.[1] Pubali Bank also requested Bangladesh Bank to remove Alam as a director of Mercantile Bank because by law a loan defaulter cannot be director of a bank.[1] Ashrafuzzaman Ansari, Dhaka Metropolitan Magistrate, sent Alam to jail.[12] Anti-Corruption Commission sued him in October 2018 over loan embezzlement from The Farmers Bank Limited.[13] Alam announced his intention to sell his stake of Mercantile Bank to the Dhaka Stock Exchange on 1 September 2020.[13] He was removed from the post of director of the bank in 2017.[13]

Businesses[]

  • S.A Pulp and Paper Mills Limited[14]
  • South Eastern Paper Mills Limited[14]
  • Shah Amanat Textile Mill[4]
  • Milko Laban[15]
  • Milko UHT milk[16]
  • Appayan Vegetable Oil[3]
  • SA Oil Refinery[1]
  • Samannaz Super Oil[1]
  • Kamal Vegetables Oil[6]
  • Sharija Oil Refinery[6]
  • Sharija Navigation[6]
  • Goalini full cream milk powder[17]
  • Goalini plus condensed milk[18]
  • Muskan Salt[19]
  • Muskan Dalda[20]
  • Muskan Atta, Maida, and Suji[21]
  • Muskan soybean oil[22]
  • Muskan tea[23]
  • Muskan drinking water[24]

References[]

  1. ^ a b c d e f g h i j k l "SA Group MD held over loan scams". The Daily Star. 2018-10-18. Retrieved 2021-05-24.
  2. ^ "SA-GROUP". sagroupbd.com. Retrieved 24 May 2021.
  3. ^ a b "Appayan Vegetable Oil". www.sagroupbd.com. Retrieved 2021-05-24.{{cite web}}: CS1 maint: url-status (link)
  4. ^ a b "DoE fines 2 mills in in Ctg". The Daily Star. 2011-05-23. Retrieved 2021-05-24.
  5. ^ "BB unearths scam by a director of Mercantile Bank". The Daily Star. 2013-05-03. Retrieved 2021-05-24.
  6. ^ a b c d e f g "Islami Bank to sell property of three SA Group units". The Daily Star. 2017-10-11. Retrieved 2021-05-24.
  7. ^ a b "4 get bail in cases filed over dishonoured cheques". The Daily Star. 2014-02-20. Retrieved 2021-05-24.
  8. ^ "National Bank moves to sell SA Oil Refinery's mortgaged assets". The Daily Star. 2016-02-02. Retrieved 2021-05-24.
  9. ^ "SA Group MD, chairman summoned in cheque bouncing case". The Daily Star. 2016-03-25. Retrieved 2021-05-24.
  10. ^ a b "SA Group boss barred from leaving country". The Daily Star. 2017-11-07. Retrieved 2021-05-24.
  11. ^ "Red blinking". The Daily Star. 2017-12-14. Retrieved 2021-05-24.
  12. ^ "SA Group boss Shahabuddin arrested on bank loan fraud charges". bdnews24.com. Retrieved 2021-05-24.
  13. ^ a b c "SA Group MD to sell 67.34 lakh of Mercantile Bank's shares". The Business Standard. 2020-09-01. Retrieved 2021-05-24.
  14. ^ a b "SA Paper". sagroupbd.com. Retrieved 2021-05-24.{{cite web}}: CS1 maint: url-status (link)
  15. ^ "Milko Laban". www.sagroupbd.com. Retrieved 2021-05-24.{{cite web}}: CS1 maint: url-status (link)
  16. ^ "Milko UHT milk". www.sagroupbd.com. Retrieved 2021-05-24.{{cite web}}: CS1 maint: url-status (link)
  17. ^ "Goalini full cream milk powder". www.sagroupbd.com. Retrieved 2021-05-24.{{cite web}}: CS1 maint: url-status (link)
  18. ^ "Goalini plus condensed milk". www.sagroupbd.com. Retrieved 2021-05-24.{{cite web}}: CS1 maint: url-status (link)
  19. ^ "Muskan Salt". www.sagroupbd.com. Retrieved 2021-05-24.{{cite web}}: CS1 maint: url-status (link)
  20. ^ "Muskan Dalda". www.sagroupbd.com. Retrieved 2021-05-24.{{cite web}}: CS1 maint: url-status (link)
  21. ^ "Muskan Atta, Maida Suji". sagroupbd.com. Retrieved 2021-05-24.{{cite web}}: CS1 maint: url-status (link)
  22. ^ "Muskan soyabean oil". www.sagroupbd.com. Retrieved 2021-05-24.{{cite web}}: CS1 maint: url-status (link)
  23. ^ "Muskan tea". sagroupbd.com. Retrieved 2021-05-24.{{cite web}}: CS1 maint: url-status (link)
  24. ^ "Muskan drinking water". sagroupbd.com. Retrieved 2021-05-24.{{cite web}}: CS1 maint: url-status (link)
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