Globe Edible Oil Ltd: S Alam’s backdoor takeover attempt

Globe Pharmaceuticals Group alleges S Alam Group attempted a hostile takeover of their edible oil business, Globe Edible Oil Ltd (GEOL). The chairman claims he was forced to sign a sale agreement under threat. GEOL has filed a Tk 1,497 crore damages case against S Alam Group, Islami Bank Bangladesh, and others. The dispute stems from loan issues with Islami Bank, which Globe says stalled their project funding after S Alam took control of the bank. Globe invested Tk 1,200 crore from subsidiaries to complete the project.READ FULL