Former land minister Saifuzzaman Chowdhury, representing the Awami League government, has assumed control of three companies in the UK.
On Friday, August 8th, media outlets reported that the combined assets of these three companies amounted to £12 million. The takeover occurred on July 25.
Typically, when a company is unable to repay loans or manage its operations, it faces bankruptcy. In such cases, administrators are appointed in an attempt to salvage the business. The companies owned by former Land Minister Saifuzzaman have been placed under administration due to their financial difficulties.
Saifuzzaman Chowdhury has been accused of investing in the UK housing sector, and the Anti-Corruption Commission has already charged him with corruption.
According to Bisnaau, an administrator was appointed on July 23 for JTS Properties Limited, Rukhmila Properties Limited, and New Ventures (London) Limited, all owned by Saifuzzaman. The three companies that have come under administration have had their operations renewed. Among them, JTS has assets valued at £1 million, which is higher than the other two companies.
Data indicates that various banks are set to receive £1 million from these three housing companies. Additionally, Singapore’s investment firm DBS has provided loans to Saifuzzaman against several JTS properties.
Earlier this year, Bisnaau announced the appointment of administrators for three other companies owned by Saifuzzaman, which had total assets of £20 million. These loans are primarily secured against flats in London.
Last week, Bisnau reported that Grant Thornton has begun the process of liquidating assets from Saifuzzaman’s companies earlier this year.
Former Awami MP and Land Minister Saifuzzaman has acquired assets worth over £1 million in the UK. However, during his tenure as a minister, he received a specific salary. The UK’s national crime agency has seized £5 million in assets from Saifuzzaman due to allegations of corruption and money laundering.
