Ex-land minister admits overseas assets, rejects laundering allegations

Former land minister Saifuzzaman Chowdhury Javed has acknowledged his ownership of businesses and assets in various countries, such as the United States and the United Kingdom, as reported by local and international media outlets including Bloomberg.  

However, he refuted accusations of laundering money from Bangladesh to these destinations. 

During a press conference at the National Press Club yesterday, Javed said he did not engage in corrupt practices to amass wealth during his tenure as a land minister from 2019 to 2024.

"I am a clean man. I did not steal anything," said Javed, a figure in one of Chattogram's prominent political families.

The former minister said that his engagement in business activities dates back to 1991 in the US while citing his father's establishment of a trading venture in London as far back as 1967.

On 18 February, Bloomberg News reported that Saifuzzaman Chowdhury has built up a UK real estate empire of more than 350 properties worth over Tk2,000 crore. Also, reports from Bloomberg have surfaced suggesting Javed's involvement in investments in Manhattan, US, further adding to the scrutiny surrounding his financial portfolio.

"I am a clean man. I did not steal anything." Saifuzzaman Chowdhury Javed, former land minister

Before the 7 January national election, on 26 December, Transparency International, Bangladesh (TIB), without mentioning the name of Saifuzzaman Chowdhury, published a report saying that a cabinet minister of the government has a business worth Tk2,312 crore abroad.

Saifuzzaman contested the polls from Chattogram-13 constituency and won the seat. Before the election, he submitted his wealth statement to the election commission, concealing the overseas wealth information.

The government had also made it mandatory for taxpayers to disclose overseas assets in the last fiscal's Income Tax Act.

When asked why he did not disclose the asset information, Javed told TBS, "Had I included this asset information in my income tax returns, I would have been obliged to repatriate the assets to Bangladesh. Consequently, upon repatriation, I could not send back funds abroad. That is why I chose not to disclose his overseas assets in my tax returns."

In response to a query about whether it is permissible to conduct business while serving as a minister under the country's law, Javed said, "Technically speaking, one cannot engage in business while holding a ministerial position. However, since my children are not of legal age, I could not delegate the responsibility of the business to someone else. Additionally, I have numerous foreign loans under my name. Now that I am no longer a minister, abandoning the business would have posed challenges for me. I would essentially have to start anew." 

Regarding the accusation of withholding information about overseas assets in the election affidavit, he said, "I have not concealed anything. The affidavit details must align with the tax return information. There is no obligation to disclose overseas asset information in the affidavit. Therefore, there is no reason for me to voluntarily reveal it."

"I have participated in national elections four times. Never once did I include foreign business and wealth details in the affidavit," he said.

"I pay taxes in Bangladesh, as well as in the UK. Assets from one country are not listed in the tax returns of another. I do this in good faith, with no ulterior motives or intentions," the former minister claimed.

Javed also claimed that he carried out his duty with transparency and accountability during his tenure as the land minister. "I have not used funds from Bangladesh for my overseas business endeavours. To do so, I had to get approval from the Bangladesh Bank."

Furthermore, he proposed the establishment of a high-powered committee comprised of government officials, civil society members, and journalists to investigate allegations of corruption during his time as a minister. He said he would resign from his position as an MP if the committee uncovers any evidence of wrongdoing.

In addition to holdings in the United States and the United Kingdom, the former minister acknowledged possessing assets in various other countries worldwide. However, he refrained from disclosing specific financial figures for any country.

"I am a businessman. My father was an established businessman as well. I entered politics after my father's demise. I consider myself a businessman-turned-politician rather than a politician-turned-businessman. Whenever an opportunity arises, I invest in assets. If their value appreciates, I may consider selling them," Javed said.