The whole country is stunned with an investigative report published in the UK-based newspaper The Guardian that politically connected figures under ousted Sheikh Hasina regime channelled millions into the UK.
The report, headlined ‘Bangladeshis linked to Hasina regime appear to have made UK property transactions in past year’, paints a horrible picture of high-level corruption in Bangladesh.
The Guardian in its report revealed how influential individuals linked to Hasina regime exploited their positions of power to siphon off state funds, launder the money abroad and invest in UK property. Ministers, lawmakers and business families are alleged to have acquired billions of pounds through illicit means during the Awami League’s four consecutive terms in power.
During her ( Sheikh Hasina) regime, they took huge sums of money as loan from state-owned banks, then laundered and channelled the money into property portfolios in London and beyond. In recent months, the UK’s National Crime Agency (NCA) has acted decisively in this regard.
In May this year, £90 million in assets belonging to Beximco Group Chairman Salman F Rahman and his family members were frozen. Shortly after, £170 million worth of assets linked to former land minister Saifuzzaman Chowdhury Javed were frozen. Saifuzzaman reportedly owns over 300 properties across the UK.
The funds involved are believed to have been channelled out of Bangladesh by using informal hundi money transfer system.
The funds involved are believed to
have been channelled out of Bangladesh
by using informal hundi
money transfer system
Entire families of Salman F Rahman and Saifuzzaman Chowdhury are now living lavish lifestyles abroad while Bangladeshi people are suffering the consequences of years of economic mismanagement and corruption. The Guardian’s investigation, conducted in partnership with Transparency International, also identified properties belonging Bashundhara Group chairman Akbar Sobhan and his family members. Knightsbridge townhouse, previously owned by Sayem Sobhan Anvir through a UAE-based company, has seen questionable transactions. Anvir is currently under investigation by the Anti-Corruption Commission (ACC) for alleged money laundering. All of them enjoyed Hasina’s patronage.
The Awami League’s regime was marked not only by financial impropriety but also by a brutal suppression of those going against the AL rule. The student-led protests helped unseat Hasina-led government. Around 1,400 people were killed in state-sponsored violence during the movement. Currently, Bangladesh, running under interim government, is grappling with internal divisions and economic instability.
Bangladesh Bank has expressed concern about ongoing attempts to liquidate suspicious assets, and is urging the UK authorities to consider additional freezing orders.
A further three applications relate to properties tied to relatives of Salman F Rahman, another powerful businessman-politician, whose sons are also under investigation. UK-based professional service providers must also act responsibly. Law firms, accountants and estate agents dealing with individuals under investigation should conduct
thorough source-of-wealth checks and report any suspicious activity.
Bangladesh must expedite cooperation with the UK through mutual legal assistance framework. This requires the submission of clear, detailed evidence on suspected individuals and their assets abroad. We hope the UK government will initiate legal action and help recover misappropriated funds. Several international litigation finance firms have shown interest in supporting asset recovery efforts. Bangladesh should consider setting up a dedicated fund for the purpose in partnership with global litigation firms.
We strongly believe the UK authorities will continue to support Bangladesh in recovering the laundered money. And avove all, Bangladesh government must put in all efforts in this regard. The government must ensure that those responsible for plundering the nation’s resources are brought to book regardless of social status or political influence.
