One of Bangladesh’s richest businessmen has launched a legal effort as a Singaporean citizen to recover losses he claims were caused by the Dhaka government freezing his assets and harming his investments following the ousting of former prime minister Sheikh Hasina.

The action by Mohammed Saiful Alam, founder and chair of Bangladeshi industrial conglomerate S Alam, and his family could threaten the interim government’s attempts to claw back billions of dollars it claims were diverted out of the country under the previous regime.

In a notice of dispute letter sent to Bangladesh’s caretaker leader Muhammad Yunus and several of his closest advisers, Alam’s lawyers state that unless the two sides can resolve the dispute within six months they will begin international arbitration.