Minister owns Tk 23b offshore business, but conceals in affidavit: TIB

A certain minister holds offshore businesses worth Tk 23.12 billion, but has concealed the information in his affidavit submitted to the election commission (EC) for the 12th parliamentary polls, said Transparency International Bangladesh (TIB).

The anti-graft watchdog made the disclosure in a press briefing at its office in Dhaka on Tuesday, saying they are ready to provide all documents and proof in favour of their claim if any state agency seeks.

At the press briefing, Towhidul Islam, chief of TIB’s research team, presented an analysis report on the affidavits submitted by the electoral candidates. Later, its executive director Iftekharuzzaman disclosed the overseas business holdings of the minister, but refrained from naming him.

The TIB executive director claimed they have credible information and proof that at least one member of the current cabinet directly owns multiple companies abroad, but has concealed it in his affidavit submitted to the EC.

Iftekharuzzaman particularly noted that six companies owned by the minister and his wife are now actively operating real estate businesses abroad. The offshore businesses account for £166.4 million or Tk 23.12 billion.

Diving deeper, the TIB said the minister set up his first company abroad in 2010, with an investment of £17.3 million. It took six years for him to launch the second business venture with another investment of £73.1 million. His third company was established in 2019 at a cost of £790 million, fourth one in 2020 with £150 million investments, fifth and sixth ones in 2021 with investments totalling £32.2 million.

Asked about the minister’s name, Iftekharuzzaman said disclosing the name falls beyond the jurisdiction of TIB as the offshore companies have been secret and the minister did not bring it to light by himself.

He, however, declared to provide all the documents and proof if any state agencies seek.