Debts sink Abid Alam into financial trouble

Businessman Abid Alam is in deep trouble after a bank threatened to take over his properties for defaulting on loans worth over $10 million.

One of his most prized assets, Rolling Steel Mills could be auctioned, we have been told.

Over the last few weeks, notices have been published in newspapers placing some of Abid Alam’s properties  under receivership over his failure to repay loans

Alam has been entangled in several court cases, most of them involving land ownership.

It is said the tycoon’s whole business empire is crumbling over debts and for a long time banks have been patient with him.

Under his group, Alam Group, he is involved in steel manufacture, aluminum processing, agricultural implements, footwear, sugar manufacture, electricity generation, floriculture, real estate development and management, tourist lodges and motels and the manufacture of liquid petroleum gas, among other investments.

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