Staff Reporter :
Former Land Minister Saifuzzaman Chowdhury, in a press conference held at the National Press Club in Dhaka on Saturday, acknowledged possessing business interests and assets in various countries, including the US, UK, and several others. However, he adamantly denied any involvement in money laundering.
Saifuzzaman clarified that his involvement in business activities traces back to 1991 in the US, attributing his family’s history of entrepreneurship to his father’s establishment of a trading venture in London as early as 1967.
Despite heightened interest in his offshore assets, he dismissed allegations of acquiring them through illicit means.
As a current lawmaker representing Chattogram-13, Chowdhury underscored the legitimacy of his business ventures and overseas holdings.
The ruling party’s lawmaker recently made a significant revelation, acknowledging himself primarily as a businessman and then a politician.
This admission marks the first time he has publicly addressed the existence of assets abroad, prompted by a report from United States-based Bloomberg News on February 18.
The report revealed Saifuzzaman’s substantial UK real estate portfolio, comprising over 350 properties valued at approximately £200 million, along with assets in the US.
Following the Bloomberg report, several local media outlets conducted their own investigations, further shedding light on the lawmaker’s overseas holdings. In response, Saifuzzaman clarified that these foreign assets were not disclosed in documents submitted to the Election Commission.
He cited the absence of a legal requirement mandating such declarations and explained that the affidavit submitted was solely based on his income tax returns in Bangladesh.
Defending his stance, the former minister questioned the necessity of providing additional information on foreign assets when the prescribed documents did not explicitly call for it.
He attributed his family’s history of business ventures abroad to his father’s initiation of business activities in London as far back as 1967.
During the press conference, Saifuzzaman disclosed that he pursued his education in the United States and commenced his business endeavours there in 1991 before expanding his operations to London.
Saifuzzaman Chowdhury, hailing from a lineage deeply rooted in business, shared insights into his recent investment endeavours amidst the backdrop of the coronavirus pandemic.
Notably, his father has established one of the nation’s prominent traditional commercial banks, further emphasising his family’s longstanding involvement in the business sphere.
Addressing concerns surrounding his offshore investments, Saifuzzaman asserted that his actions were driven by the prevailing economic conditions during the pandemic.
With bank interest rates experiencing a significant decline, he seized the investment opportunity, guided by advice from a friend in the UK. This acquaintance apprised him of reduced tariffs offered by real estate companies, prompting Saifuzzaman to explore investment prospects in the real estate sector.
In response to criticisms and calls for investigation, the Awami League leader defended his offshore investments, highlighting his prudent decision-making in seizing favourable investment opportunities.
Moreover, he emphasised his commitment to transparency and accountability by urging the government to oversee a fair investigation process.
Saifuzzaman advocated for the inclusion of a civil society representative, a journalist, and a government officer to ensure impartiality and integrity in the investigation.
