Saifuzzaman admits to having offshore assets, denies fund transfer

Saifuzzaman Chowdhury, the former minister for land, has admitted to owning assets and businesses in the United Kingdom, but vehemently denied the allegation of transferring funds from Bangladesh.

Addressing a press briefing at the National Press Club in Dhaka, he claimed to have established the overseas holdings in compliance with all rules and regulations.

The former minister, currently a lawmaker from Chattogram-3, said his father used to conduct a business in the UK from 1967 and he inherited that in 1991, upon completion of his study in the United States. Later, he expanded the business.

He addressed the allegation of concealing wealth in the affidavit submitted to the election commission, saying the income tax form does not feature a dedicated section for offshore assets and he did not bother to disclose it. He maintains a separate income tax file abroad and there are bank loans against his overseas assets.

Saifuzzaman Chowdhury attributed the massive expansion of his businesses in London to the opportune conditions amid the Covid-19 pandemic. He said the pandemic came as a boon for him as the properties in London experienced a low price and the bank loans saw a reduced interest rate. He took risks then and is now being paid off.

The former minister claimed that there was no corruption in his ministry during his tenure. He suggested forming a high-level investigation team to look into the graft allegations and pledged to resign from the parliament if any of the allegations is substantiated.

Describing himself primarily as a businessman and subsequently a politician, Saifuzzaman said he consciously amassed wealth using his own name as his children were not eligible to own properties. There is a generational legacy against his offshore assets.

On 26 December last year, the Transparency International Bangladesh (TIB) alleged that 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.

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, added the anti-graft watchdog. 

The TIB did not name the minister in public, but a US-based media outlet, Bloomberg, released an investigation report on 18 February, detailing the property empire of former land minister Saifuzzaman Chowdhury in the UK. 

Some local media outlets reproduced the report, which triggered a huge outcry.