A significant UK property portfolio, valued at £170 million and owned by former Bangladeshi minister Saifuzzaman Chowdhury, has been placed into administration. This development comes amid an expanding corruption probe targeting allies and family members of the recently ousted Bangladeshi Prime Minister, Sheikh Hasina.
Chowdhury, who has previously claimed Sheikh Hasina treated him "like her son," saw his six UK property companies unravel after the National Crime Agency (NCA) imposed a freezing order on his assets. The NCA's action, initiated at the request of the new Bangladeshi government, targeted high-value properties including an £11 million home in St John's Wood and a block of flats in Fitzrovia.
Administrators at Grant Thornton have been appointed to oversee the sale of Chowdhury's assets, which primarily consist of rental housing in London and the South East. The proceeds from these sales will be used to repay creditors, including Singaporean lender DBS, British Arab Commercial Bank, and United Commercial Bank of Bangladesh, which is seeking to recover $350 million.
Chowdhury has consistently denied any wrongdoing, asserting that he is the target of a politically motivated witch hunt and that his property purchases were funded through legitimate means.
This case is part of a broader anti-corruption crackdown in Bangladesh that has implicated several members of Sheikh Hasina’s circle. The investigation has drawn in her niece, Tulip Siddiq, a former British Treasury minister, who resigned from her post earlier this year due to the mounting pressure.
A corruption trial against Ms. Siddiq has now begun in Bangladesh, where she stands accused of illegally receiving a plot of land from her aunt's government. She has publicly and emphatically denied the allegations, labeling them "completely absurd." She informed The Guardian that she does not plan to attend the trial, stating that she feels trapped in a "Kafkaesque nightmare" as she remains unaware of the specific charges against her.
Ms. Siddiq is one of 27 individuals, including Sheikh Hasina herself (currently in exile in India), who were formally indicted by Bangladeshi courts last week. The unfolding scandal highlights the vast UK property portfolios amassed by members of Sheikh Hasina's former government and raises significant questions about the source of their wealth.