Former land minister hit by UK bankruptcy action

The former land minister of Bangladesh, Saifuzzaman Chowdhury, has been targeted by a bankruptcy petition in London’s High Court, after the UK’s National Crime Agency (NCA) froze his £185 million ($250 million) property portfolio, Bloomberg said in a news report.

Dhaka-based lender SBAC Bank Plc is seeking to place Saifuzzaman, a one-time ally of ousted Bangladeshi leader Sheikh Hasina, into bankruptcy, according to a court filing submitted late last week.

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The NCA froze 342 properties related to Saifuzzaman and his family last year, while Bangladeshi authorities have been pursuing their own investigation against the former minister.

Market Financial Solutions (MFS), the now-collapsed bridging finance provider, arranged loans against more than 175 of the politician’s real estate deals. The holding company for the Saifuzzaman-linked properties, ZTS Properties Ltd., is in administration proceedings as the NCA’s investigations continue.

SBAC Bank didn’t immediately respond to a request for comment. Calls to a number previously used by Saifuzzaman were not answered.

Saifuzzaman served as land minister for five years until January 2024, under a government led by Hasina’s Awami League party.

Hasina resigned as prime minister in August 2024 after ruling for 15 years and fled Bangladesh for New Delhi under pressure from millions of protesters who had taken to the streets for weeks to demand she step down.

She and some of her family members have also faced allegations of corruption.