Bankruptcy petition in London against former Bangladesh minister
Former Bangladeshi Land Minister Saifuzzaman Chowdhury has been served with a bankruptcy petition at London's High Court. The move follows an earlier freeze on his property portfolio, worth an estimated $250 million, by the UK's National Crime Agency (NCA).
Dhaka-based SBAC Bank Plc is seeking to have Chowdhury, a former ally of ousted Prime Minister Sheikh Hasina, declared bankrupt. The NCA froze 342 properties linked to him and his family last year, while Bangladeshi authorities are also conducting an investigation.
Lender Market Financial Solutions, which provided loans against more than 175 of Chowdhury's property deals, has itself since collapsed. Holding company ZTS Properties Ltd. is in administration, while the NCA's investigation continues.
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