Singapore Financial Intelligence Unit inquires BFIU about S Alam Group's overseas, domestic assets

Singapore's Financial Intelligence Unit has sought information from the Bangladesh Financial Intelligence Unit (BFIU) about S Alam Group and its owners, including their domestic and foreign assets.

A BFIU official confirmed the matter to The Business Standard today.

S Alam Group's Singapore assets and others overseas came under the limelight through various media reports published recently.

A report titled "A close look at S Alam's Singapore empire," published on 10 September, detailed findings from TBS Special Correspondent Jebun Nesa Alo, who investigated S Alam's extensive business holdings in the city-state.

The field investigation conducted in Singapore found that S Alam invested nearly S$700 million (equivalent to Tk6,300 crore at current rate) in acquiring three hotels and retail space in a shopping mall.

The acquired properties include three hotels: Grand Imperial Hotel Singapore in Little India, which was rebranded as Hilton Garden Inn for nearly S$248 million; Holiday Inn Express in Serangoon for nearly S$90 million; and Ibis Novena Hotel in Singapore's Novena area for S$170 million.

Besides, he purchased 27,179 sq-ft of retail space at Centrium Square in Little India for S$135 million.

These acquisitions were made through four companies: Canali Logistics (renamed Wilkinson International), Canopus II, Toledo International, and Grand Imperial Hotel.

All financial transactions were conducted with United Overseas Bank Limited in Singapore. S Alam, his wife Farzana Parveen, and his office staff are shareholders of these companies registered in Singapore.

In all the registered documents of the four companies in Singapore, S Alam and his wife Farzana introduced themselves as Cypriot nationals.

S Alam used two house addresses in the registration documents of the companies. Of the two, the latest house is 3 Jalan Merlimau, a three-storey private house constructed in 2019. ACRA documents show that S Alam transferred this property to the name of Zico Trust, and the transfer was registered in April 2023.

Before this, they used another house address in registration documents, which is a condo located on 2A Lincoln Road, #29-10 Park Infinia At Wee Nam, Singapore.

When asked about the Singapore government's stance on Bangladeshis accused of money laundering taking shelter in Singapore, Josephine Teo, the county's minister for Digital Development and Information, said they will not take any action until they are reported to Interpol.

Teo, who is also Singapore's second minister for Home Affairs, said they can cooperate with the Bangladesh government to take back accused money launderers only if there is an extradition treaty.

TBS called and texted S Alam several times, seeking his comments on the allegations raised against him, but he did not respond.

Wilkinson International

In 2009, S Alam established Canali Logistics (Wilkinson International) by issuing 3 crore ordinary shares worth S$30 million (approximately Tk270 crore) as paid-up capital, with 2.10 crore shares held by S Alam and 9,00,000 shares by his wife, Farzana.

The company's primary activities include shipping agencies, logistics, and hotel investments. Both S Alam and Farzana are directors as Cypriot citizens, while Thajudeen Nasirudeen, an Indian national, serves as secretary. The office address of Canali Logistics is 10 Collyer Quay, #10-01, Ocean Financial Centre, but no office was found there during a site visit.

In 2014, Canali Logistics acquired 27,179 sq ft of retail space on the first two levels of Centrium Square in Little India, near Mustafa Centre. The 19-storey building was completed in 2020, and the Ocean Financial Centre has 49 units on its first two levels, as confirmed during the visit.

Grand Imperial Hotel

In 2015, S Alam acquired the Hotel Grand Chancellor on Belilios Road in Little India, Singapore, through the Grand Imperial Hotel company, which was subsequently rebranded as Hilton Garden Inn.

According to ACRA documents, S Alam and his wife serve as directors, while Thajudeen Nasirudeen is the secretary.

Wilkinson International is a shareholder of the Grand Imperial Hotel company, holding 3.8 crore shares valued at S$38 million (approximately Tk340 crore). The office address of Canali Logistics is also used for the Grand Imperial Hotel company.

Toledo International

The investigation also found S Alam owns the Holiday Inn Express Singapore Serangoon, purchased through Toledo International, which was registered in Singapore in 2016 with 1 crore shares valued at S$10 million (approximately Tk90 crore).

The company's financial transactions are also conducted through UOB Bank. Thajudeen Nasirudeen also serves as secretary, and all shares are held by Toledo Ventures Limited, registered in the British Virgin Islands.

TBS traced S Alam's involvement with Toledo International to his personal office at 105 Cecil Street, #06-01, The Octagon, Singapore. During a visit, the receptionist of the building confirmed that the Toledo office is on the sixth floor and that S Alam used to visit regularly, often hosting many Bangladeshis.

However, he has not been there for the past 3-4 months as he now works from another office. The office appeared empty during the visit, and a woman from the office confirmed that S Alam has been abroad for several months.

Canopus II

S Alam acquired Ibis Novena hotel in the Novena area in Singapore in 2019 through another hotel company, Canopus II, which is located in the office of Canali Logistics.

Alpha Investment Partners sold the 241-room hotel through an off-market transaction.

S Alam acquired the freehold property in Singapore's heartland region for just over S$705,000 per room of the 241-room hotel, as first reported by Singapore's Business Times.

This reporter also communicated with the reporter of this Business Times report and confirmed the acquisition of the hotel by S Alam.