Saifuzzaman's UK assets being put on sale

Former land minister Saifuzzaman Chowdhury's assets are already being put on sale in the UK market as he has not defended allegations of siphoning money from Bangladesh.
Sources involved in stolen asset recovery say Chowdhury has refrained from appointing any lawyer in the UK courts to contest the allegations of money laundering.
Even calls from the UK courts to join hearings via video conferencing have gone unanswered, intelligence agency sources confirm.
Sources in both the UK and Bangladesh, engaged in asset recovery efforts, have confirmed these developments to The Financial Express.
As the matter is being treated as a civil case, the UK courts have proceeded with the sale of assets to liquidate them and recover funds obtained through mortgaging those properties, an intelligence official says.
In such cases, Chowdhury could have retained a portion of the assets after settling all claims had he responded and sought protection through bankruptcy proceedings, he says.
However, that possibility now appears slim due to his non-response, he says.
The official adds that Chowdhury is likely to lose all his UK-based assets, which could make the recovery process easier for Grant Thornton (GT).
GT has been tasked by United Commercial Bank (UCB) to recover depositors' money allegedly siphoned off by Chowdhury.
Several financial institutions that funded Chowdhury's property acquisitions are now facing difficulties.
Institutions such as Barclays and others have reportedly been affected.
Market Financial Solutions (MFS), a financial entity - often described as a shadow bank - linked to Chowdhury, has reportedly gone bankrupt following exposure in the case.
It previously received funding from Goldman Sachs and other international banks.
According to reports published in the Financial Times and The Telegraph, MFS financed a £295 million property portfolio owned by Chowdhury.
Earlier this year, the UK government appointed administrators to oversee six housing companies owned by him.
Chowdhury reportedly owned more than 300 properties in the UK, including houses, flats, and apartments, with an estimated value of £170 million.
In June 2025, the UK's National Crime Agency (NCA) seized several of his properties, according to Al Jazeera.
So far, international banks - except those directly linked to Chowdhury - have not filed claims.
Investigators suspect that MFS may have connections with international criminal syndicates.
Sources note that the former Awami League lawmaker has remained silent throughout the process, indicating a lack of interest in defending or retaining his UK-based assets.
"Perhaps he has shifted his assets elsewhere and is unwilling to engage in legal battles in the UK by spending money," says an intelligence source, speaking on condition of anonymity.
Most of Chowdhury's assets are mortgaged to banks and other financial institutions.
Among them, MFS is now on the verge of liquidation following its exposure.
Officials from various Bangladeshi agencies involved in asset recovery believe that the country may recover only a small portion of the assets from the UK.
Efforts have been expanded to other jurisdictions to trace assets that may have been moved elsewhere.
Unlike in Bangladesh, transferring money abroad through legal channels is relatively straightforward in the UK, enabling easier movement of assets.
"We have claimed our assets, and Grant Thornton has taken administrative control on our behalf," says Sharif Zahir, chairman of UCB.
UCB is the first institution to sign a non-disclosure agreement (NDA) with Grant Thornton to recover depositors' funds.

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