A court has appointed a receiver for Aramit Limited, a listed firm linked to former land minister Saifuzzaman Chowdhury.
In a disclosure on Tuesday, the company said the receiver was appointed following an order from the Metropolitan Senior Special Judge Court, Dhaka.
The company stated that the appointment aims to ensure "proper control, management, supervision, and protection" of its assets and properties. The receiver has already assumed charge and is performing duties in line with the court's directives.
Market insiders said the development could be linked to ongoing legal and financial scrutiny of the sponsor group.
Typically, courts appoint receivers in cases involving allegations of financial irregularities-such as embezzlement, fraudulent transactions, or concealment of assets-as well as in situations of management disputes, governance breakdown, or risks to asset protection. Such measures may also be taken during investigations to prevent tampering with financial records or to safeguard creditors' interests.
Aramit Group, including Aramit Limited, was founded by Akhtaruzzaman Chowdhury Babu. Control of the company was later transferred to his son Saifuzzaman Chowdhury and his wife Rukhmila Zaman.
Saifuzzaman Chowdhury, a former member of parliament from Chattogram-13, served as land minister during the 2019-2024 term. He has been at the centre of multiple controversies, including allegations of acquiring significant undeclared assets abroad.
Following the political transition, the Bangladesh Financial Intelligence Unit instructed banks to freeze accounts linked to Mr Chowdhury and his wife.
Investigations have indicated that he accumulated an extensive overseas property portfolio, including at least 260 properties in the United Kingdom worth about £134.76 million (Tk 18.88 billion), despite declaring no foreign income in official filings.
A report by Al Jazeera in 2024 alleged that he had built a global property empire valued at up to $675 million across London, Dubai and New York, much of which was not disclosed in tax records.
In June 2025, the National Crime Agency froze more than 300 UK properties linked to him, with an estimated value of £185 million, as part of an ongoing financial crime probe.
The Anti-Corruption Commission is also pursuing a case in this regard.
Meanwhile, the share price of Aramit Limited on the Dhaka Stock Exchange stood at Tk 165 on Tuesday, edging down 0.06 per cent from the previous session.
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