Bankruptcy Petition Filed Against Saifuzzaman in London High Court
Dhaka-based South Bangla Agriculture and Commerce (SBAC) Bank PLC has filed a bankruptcy petition with the High Court in London against former Bangladeshi Land Minister Mr. Saifuzzaman Chowdhury. The legal filing follows the recent seizure of £185 million worth of assets by the UK’s National Crime Agency (NCA). Known as a close associate of the Ms. Sheikh Hasina administration, the former minister is currently facing widespread investigations for corruption and money laundering in Bangladesh alongside ongoing probes into his assets in the United Kingdom.
The bankruptcy petition comes after the NCA froze 342 properties linked to Mr. Saifuzzaman and his family in June 2025, following a London High Court order. The combined purchase value of the seized real estate is approximately £185 million. The NCA stated that the freezing order was specifically obtained to prevent any transfer or sale of these properties during an ongoing civil investigation, ensuring the assets remain locked while law enforcement authorities continue their probe into the offshore funds.
Financial pressure on Mr. Chowdhury’s holdings intensified after Market Financial Solutions (MFS), a principal lender that funded nearly £295 million of his property portfolio, entered administration in February 2026. Court documents revealed severe management irregularities and significant collateral deficits at MFS, which financed over 175 real estate deals for him. Corporate records show that his primary holding firm, ZTS Properties, is actively involved in UK real estate, with Mr. Chowdhury holding more than 75 percent of shares and voting rights.
Parallel investigations in Bangladesh are also advancing rapidly. In February, a Dhaka court ordered authorities to take legal measures to seize 518 UK properties owned by Mr. Saifuzzaman, valued at £271.85 million in court records. A high-level nine-member task force, comprising representatives from the Anti-Corruption Commission (ACC), the Criminal Investigation Department (CID), and the National Board of Revenue (NBR), is coordinating the financial investigation into his illicit asset transfers and money laundering allegations.
Expanding the investigation internationally, a Dhaka court ordered an official request on September 8 to Singaporean authorities to seize immovable properties and freeze eight bank accounts linked to Mr. Chowdhury and his associates. The ACC application highlighted his corporate directorships and financial assets in Singapore. Mr. Saifuzzaman served as Land Minister from 2019 to January 2024, and investigative reports on his offshore wealth have grown significantly since the fall of the Awami League government in August 2024.
