As Bangladesh steps up efforts to recover illicit wealth accumulated by powerful figures from the previous regime, questions loom large over whether foreign assets can actually be brought back home.
Following the mass uprising of August 5, 2024, and the fall of the Sheikh Hasina government, over Tk 13,000 crore in assets belonging to more than 100 individuals and organisations have been seized or frozen under court orders. Of this, domestic recoveries account for the lion’s share. However, the fate of the assets stashed abroad remains uncertain.
According to Asset Management Unit of the Anti-Corruption Commission (ACC), foreign seizures include 582 flats across the UK, UAE, and Slovakia, as well as frozen cash and corporate shares worth $888,000 and €8.62 million. The assets could be significantly higher than what is actually known.
But experts warn the symbolic nature of these seizures could undermine recovery unless host countries actively cooperate.
“Without binding treaties, it’s just paper enforcement,” said an expert.
One of the most high-profile cases involves former Land Minister Saifuzzaman Chowdhury, whose 343 properties in the UK—estimated to be worth £150–200 million (Tk 2,100–2,800 crore)—were ordered seized by the Dhaka Metropolitan Senior Special Judge Court in October 2024.
The assets, held jointly with his wife Rukhmila Zaman, span across London, Liverpool, Bristol, and Tower Hamlets. The court also sent requests to HM Land Registry and other relevant authorities to act under international cooperation frameworks.
The Bangladeshi government has since dispatched Mutual Legal Assistance Requests (MLARs) to the UK, UAE, and the United States to freeze or attach the assets.
But progress has been slow.
“This is a reciprocal legal cooperation treaty. The current interim government is working to establish such agreements with various countries. If both sides agree, asset seizures can proceed,” ACC’s senior legal counsel Md. Asif Hasan told Times of Bangladesh.
Currently, only a few MLATs are in force. Legal experts note that even when court orders exist in Bangladesh, most foreign jurisdictions require independent legal proceedings before executing seizures—making asset repatriation a long and politically sensitive process.
Key individuals under scrutiny include members of Sheikh Hasina’s family, former ministers Anisul Huq, Dipu Moni, Zunaid Ahmed Palak, and business conglomerates such as S. Alam, Sikder Group, and Nabil Group.
While the interim government has shown intent—reforming legal frameworks and strengthening the ACC—analysts argue that without a high-level inter-agency taskforce and strategic diplomatic engagement, efforts will fall short.