S Alam Files Arbitration at World Bank Tribunal Against Bangladesh Interim Government

Businessman Saiful Alam, alias S Alam, has filed an arbitration case against the interim government of Bangladesh at the World Bank's International Centre for Settlement of Investment Disputes (ICSID).

Alam's family, now Singaporean citizens, is seeking compensation for alleged damages totaling "hundreds of millions of dollars," claiming the Muhammad Yunus-led government initiated a "targeted campaign" to seize assets, freeze bank accounts, and destroy the market value of their companies. The government's effort to recover laundered money is now facing a significant legal challenge through this arbitration.

The case is filed under a 2004 bilateral investment treaty between Bangladesh and Singapore. This move comes after the government's white paper alleged that $240 billion was siphoned off during the Awami League's tenure, with Bangladesh Bank Governor Ahsan H Mansur specifically claiming the Alam family alone laundered nearly $12 billion—an allegation Alam has rejected.

The family’s lawyers had warned the government in December of their intent to pursue international arbitration. Governor Mansur stated that the government will respond through the proper channel when the case officially reaches them.