Top UK legal team shuttled Dhaka-London as S Alam mounted challenge against Bangladesh amid widening probes

S Alam Group chairman Mohammed Saiful Alam has retained a top UK-based litigation team to pursue claims against the Bangladesh government, with high legal billing records revealing an extensive strategy involving international arbitration and meetings with senior Bangladeshi banking officials.

Daily Waadaa has obtained a confidential copy of the invoice, offering a glimpse into the legal campaign being assembled as Bangladeshi authorities intensify investigations into the business empire over alleged bank fraud, money laundering and overseas asset transfers.

The records show Saiful Alam and his wife, Farzana Parveen, received a legal bill of 4.9 crore taka ($359,584.72) for services rendered during May alone under a matter codenamed "Project Vulcan." 

The engagement is described as involving "claims against the State of Bangladesh for expropriation of property and similar," indicating preparations for a potential legal challenge against the state while investigations against the conglomerate continue. 

The invoice shows lawyers spent weeks preparing for a possible investment dispute, billing hundreds of hours for legal research, strategy meetings, travel, conferences with the client and direct engagement with Bangladesh's banking regulators and commercial banks. 

The legal team logged 263.1 billable hours during May. Senior partners charged $2,045 (about 2.5 lakh taka) an hour, counsel billed $1,950 (about 2.38 lakh taka), senior associates $1,630 (about 1.99 lakh taka), associates $1,410 (about 1.72 lakh taka) and paralegals $555 (about 67,700 taka) an hour. 

Billing records reveal that the legal team travelled to Dhaka in early May for meetings with officials from Bangladesh Bank, First Security Islami Bank, Global Islami Bank, Social Islami Bank and Union Bank.

Time entries show one partner alone billed 13.70 hours on 4 May for "multiple meetings in Dhaka, conferences with team, calls with client." Another entry records 8.90 hours of meetings in Dhaka the following day, while lawyers spent days preparing briefing materials before the visit and drafting memoranda afterwards. 

Legal trouble and corruption trails 

The lawyers also met former Bangladesh Bank Deputy Governor Md Zakir Hossain Chowdhury, whose contract was terminated last week, and Director Kamal Hossain while reviewing banking documents, preparing legal opinions and compiling detailed memoranda based on the discussions. 

Speaking to Daily Waadaa, Zakir Hossain Chowdhury confirmed that the lawyers representing S Alam met with him during their visit to Dhaka.

"They discussed the overall state of Bangladesh's economy, including foreign exchange reserves and other macroeconomic issues," Chowdhury said.

He said the meeting did not involve any discussion specific to S Alam's business interests. "There was nothing particular about S Alam's interests. It was a general discussion, nothing more," he said.

The records further show work on correspondence with the International Centre for Settlement of Investment Disputes (ICSID), confidential memoranda on possible settlements, research into investment treaty arbitration and political prosecution cases, monitoring Bangladeshi media reports and examining legal options that could affect ongoing criminal proceedings. 

The legal preparations come as Bangladeshi authorities pursue one of the country's largest financial crime investigations involving the 'controversial' business conglomerate.

Following the political transition in August 2024, Bangladesh Bank dissolved and reconstituted the boards of several banks previously associated with the S Alam Group, alleging that the conglomerate had gained effective control over multiple financial institutions through nominee directors and related entities.

Regulators are investigating whether that influence was used to channel enormous volumes of loans to companies linked to the group in breach of banking regulations. Those allegations remain under investigation.

The Criminal Investigation Department (CID) is separately investigating allegations that around 1.13 lakh crore taka was laundered abroad by members of the S Alam family and their associates through a network of domestic and overseas companies.

Investigators are examining banking transactions, foreign investments and cross-border fund transfers while seeking international cooperation to trace assets allegedly moved outside Bangladesh.

The Anti-Corruption Commission (ACC) has also opened multiple investigations into Saiful Alam, members of his family and companies linked to the conglomerate over allegations including illicit wealth accumulation, abuse of the banking system, fraudulent loans and money laundering.

Authorities have obtained court orders freezing assets in Bangladesh while pursuing mutual legal assistance with several foreign jurisdictions, according to official statements and media reports.

The scale of the alleged banking exposure has few precedents in Bangladesh.

According to figures disclosed to Parliament, companies linked to S Alam accounted for 11 of Bangladesh's 20 largest corporate loan defaulters, collectively owing hundreds of billions of taka to commercial banks.

The loans are now under regulatory scrutiny as authorities seek to determine how they were approved and whether banking rules were circumvented.

The investigations have also expanded overseas.

Earlier this year, courts in Cyprus froze assets allegedly linked to Saiful Alam and his wife following requests from Bangladeshi authorities. Investigators told foreign authorities they are examining alleged fraudulent loan acquisition, illicit wealth accumulation and money laundering spanning more than a decade.

Those proceedings remain ongoing. The legal invoice suggests these developments have become central to the international legal strategy.

S Alam's legal pursuit

Time entries in the invoice show the legal team closely tracking Bangladesh's banking reforms and regulatory actions against the S Alam Group as part of its case preparation. 

The lawyers also analysed media reports on the investigations, studied previous sovereign settlement cases and examined developments surrounding the freezing of assets in Cyprus involving Saiful Alam and his family. 

The records further show the preparation of confidential legal memoranda exploring possible negotiated settlements with the Bangladeshi government, alongside research into international investment treaty disputes. 

Billing entries also refer to legal research on political prosecution claims and potential applications to suspend criminal proceedings through international legal mechanisms, indicating preparations extending well beyond a conventional commercial dispute. 

The invoice shows gross legal fees reached $398,580.50 before a 10% discount reduced the bill to $358,722.45. Together with travel and other expenses of $862.27, the total invoice came to $359,584.72 (about 4.9 crore taka).

The documents also show an unpaid April invoice of $106,173.27, taking the outstanding balance to $465,757.99, or roughly 5.7 crore taka, suggesting the legal campaign had already been underway before May. 

The invoice does not indicate whether formal arbitration proceedings have begun or whether settlement negotiations are currently underway.

It does, however, show that Saiful Alam has assembled an international legal team to challenge actions taken by Bangladeshi authorities while closely tracking domestic investigations, banking reforms, overseas asset recovery efforts and potential avenues for resolving disputes with the state. 

Daily Waadaa sent detailed queries to both the UK legal team and S Alam's representative in Singapore seeking comment. Neither had responded by the time this report was published. Owing to the legal sensitivity of the matter, Waadaa is withholding the identity of the law firm.

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Zulkernain Saer is an investigative journalist