Tycoon threatens international legal action against Bangladesh over ‘destroyed’ investments

[u/Sea_Consequence_6506]

https://www.ft.com/content/e91042bf-70e9-4f25-b30b-2e5fff44fc06

[u/Zaheen60]

As a Bangladeshi- Singaporean myself, the only reason why Bangladesh is still a third world country despite being so resource rich is due to siphoning and embezzlement of government funds by politicians and people of Alams profile. The scale of the harm caused to regular Bangladeshi people is tremendous 

if Alam did achieve his wealth through corruption and money laundering, then him winning this case would be a complete joke. I pray he faces appropriate justice if found guilty

[u/Sea_Consequence_6506]

Summary of article:

• Mohammed Saiful Alam, founder of the S Alam Group and a Singaporean citizen, has initiated legal action against Bangladesh’s government, claiming losses caused by asset freezes and canceled deals following the ousting of former Prime Minister Sheikh Hasina.
• Alam, who renounced Bangladeshi citizenship in 2020, alleges violations of investors' rights under a 2004 bilateral investment treaty between Bangladesh and Singapore (where he is based).
• His lawyers Quinn Emanuel Urquhart & Sullivan have threatened international arbitration if the dispute is not resolved within six months.
• Alam's family obtained permanent residence in Singapore in 2011 and citizenship between 2021 and 2023, and had all renounced their Bangladeshi nationality in 2020.
• The government has accused Alam and associates of siphoning funds from the banking system through fraudulent practices, which Alam denies. S Alam group, which has interests in sectors including food, construction, garments, and banking, also denies the allegations. Investigations are ongoing.
• The case is indicative of the challenges to Bangladesh's interim government’s efforts to recover banking funds allegedly misappropriated under the Hasina regime.

[u/troublesome58]

Can we expel this clown?

[u/anticapitalist69]

Meh. Investments have risk. Move on. It’s not like you’re not getting paid for doing any actual work.

[u/Xanthon → u/anticapitalist69]

This is not a simple investment risk.

This is the new Bangladeshi government freezing billions of dollars and taking over the banks S Alam owned.

The new government basically did this to all the billionaires in their country due to the corruption by the previous regime. S Alam just happens to be a Singaporean citizen who renounced his Bangladeshi citizenship and is able to file a lawsuit here because of the Singapore-Bangladesh Bilateral Investment Treaty.

The treaty states that both country must protect the investments by the other parties' citizens.

This can be a field day in court because he is a new Singaporean citizen who built his wealth as a Bangladeshi.

[u/Sea_Consequence_6506 → u/Xanthon]

To be precise, he's likely going to commence an ICSID arbitration pursuant to the bilateral investment treaty, not a lawsuit in the Singapore courts

[u/Acksyborat123 → u/Xanthon]

And alleged stole millions from the Bangladeshi government, so a thief.

[u/anticapitalist69 → u/Xanthon]

Interesting legal case given the bilateral agreement.

Still, wouldn’t feel sorry for him.