Former land minister Saifuzzaman Chy admits about his huge wealth in UK

Former land minister Saifuzzaman Chowdhury Javed has admitted about his business and wealth at London in the United Kingdom.

However, he has claimed that he did not take any money from Bangladesh to accumulate wealth abroad.
Javed, who has also been elected as a member of parliament (MP) for the fourth time from Chattogram-13 (Anwara-Karnaphuli) constituency in the 12th parliamentary election, stated it at a press conference at Jatiya Press Club on Saturday (March 2, 2024).

The ruling Awami League lawmaker said: “My father had been doing business in London since 1967. I myself studied in the United States and has been doing business there since 1991. Then I expanded my business to London.”

About concealing his wealth in the UK in his income tax returns, submitted along with his affidavit to the Election Commission prior to the 12th parliamentary election, Javed said affidavit is usually submitted completely on the basis of Bangladesh’s income tax return. “There is no space or box on the affidavit form to mention the wealth abroad,” he said.

He said he has separate income tax file abroad. And, the property exists abroad has bank loans.

Javed said his business in London had massively expanded when he was a minister. “Covid-19 pandemic had brought a great opportunity for me because the prices of houses fell in London at that time.”

According to media reports, former land minister has at least 260 properties in the United Kingdom for which he has paid at least GBP134.76 million or Tk 1,888 crore.

The reports reveal that the four-time Awami League lawmaker has also at least 537 mortgages against properties in the UK. A vast majority of these properties are in London.

However, his tax returns, submitted along with his affidavit to the Election Commission prior to the 12th parliamentary election, stated that he had no foreign income.

The affidavit said his annual income from business is Tk 1.35 lakh only. Though the affidavit must also reveal the annual income of dependents — like wife and children — he left that blank.

In addition, his affidavit said that he and his wife jointly hold shares and debentures of only Tk 17.90 crore, about a hundred times less than his total known investment in the UK properties.

The properties in the UK were purchased by at least eight companies in which Javed has significant stakes. The companies are Aramit Properties, Rukhmila Properties, Sadakat Properties, New Ventures (London) Limited, ZTS Properties, Zeba Properties, ZTZ Property Ventures Ltd and Zaria Properties – all incorporated in the UK between 2010 and 2021.

Of these companies, New Ventures (London) Limited is the oldest – incorporated on July 13, 2010. The land minister is currently the only director, a post he has been holding since July 2021, according to the company filings.

ZTS Properties Ltd was incorporated on February 17, 2016, and once again the minister is the sole director.

He owns a 60 percent stake in Rukhmila Properties, which was incorporated on July 6, 2019, while his wife Rukhmila Zaman owns the rest.