A Dhaka court has rejected NASSA Group Chairman Nazrul Islam Mazumder’s petition to sell part of his properties and instead ordered the seizure of additional assets worth Tk45 crore, acting on a request from the Anti-Corruption Commission (ACC).
The order came on Monday from the Metropolitan Senior Special Judge’s Court after the ACC opposed Mazumder’s move to sell land in Gulshan, Ashulia and Sonargaon, which he said was needed to pay November wages and allowances at the group’s remaining operational factories.
The court earlier sought the ACC’s opinion on the sales bid. Rather than endorsing a power of attorney for disposal of the assets, the ACC urged the court to confiscate them.
With this decision, authorities have now seized Tk1,405 crore worth of Mazumder’s properties and shares in three phases.
He is already facing trial in a corruption case accusing him of abusing power, taking bribes and accumulating Tk781 crore in illegal assets beyond known income.
Arrested in the case, he has been held at Kashimpur Central Jail since 1 October. Mazumder previously served as chairman of EXIM Bank and led the Bangladesh Association of Banks (BAB) for many years.
Court documents show that on 2 November, Mazumder, through his lawyer, sought permission to sell Tk44.79 crore worth of assets to clear overdue wages and benefits. The application was heard on 9 November in the court of Metropolitan Sessions Judge Md Sabbir Faiz.
During the hearing, the ACC’s lawyers argued that an accused person cannot request the release or transfer of frozen assets. The court then ordered the ACC to submit a clear written opinion by 19 November.
After obtaining extra time, ACC Assistant Director Mohammad Shahjahan Miraj submitted two letters on 23 November, one opposing any power of attorney for sale and the other requesting seizure of the scheduled properties.
In the letters, the ACC stated that the assets in Gulshan, Ashulia and Sonargaon were extremely valuable and that transferring illegally acquired properties under the pretext of paying wages could cause serious financial loss to the state.
The ACC argued that under the Money Laundering Prevention Act and ACC Rules, the properties must be confiscated without delay. Following a hearing on Monday, the court rejected Mazumder’s application and ordered the ACC to seize the assets.
The newly seized assets include around 40 kathas of land in Block A of Gulshan Residential Area, about 5 bighas of land in Taiyabpur mouza of Ashulia, and 10 bighas in Sonargaon, Narayanganj.
Although this latest request was denied, Mazumder had earlier sold assets and shares worth around Tk76 crore – with court permission – to pay wages. According to the Department of Inspection for Factories and Establishments, roughly Tk62 crore from those sales was spent on wages for August, September and October. Including funds from other sources, NASSA Group currently has Tk19.2 crore in its bank accounts.
Arif Ahmed, the government-appointed administrator of NASSA Group, has informed the court that an additional Tk138 crore is required by 30 November to clear all outstanding liabilities, including service benefits. In a 13 November letter sent to the Metropolitan Senior Special Judge, he wrote that under government instructions the company must pay not only monthly wages but also accrued leave, maternity benefits, notice pay and other dues by 30 November.
NASSA Group, once a successful textile and garment exporter, has collapsed rapidly since last year’s political transition and Mazumder’s imprisonment. Sixteen of its 25 factories have shut down, and wage payments at the remaining units have become irregular.
Mazumder, who enjoyed political patronage under the ousted Awami League government, kept his textile operations running at full capacity until his arrest.
The group currently owes Tk8,676 crore to 22 banks and one financial institution.
