BO accounts of five former ministers, their family members frozen
The beneficiary owner’s (BO) accounts of 20 individuals, including five former ministers, have been frozen, according to a directive from the Bangladesh Securities and Exchange Commission (BSEC).
The ministers include former Home Minister Assaduzzaman Khan Kamal, former Foreign Minister Hasan Mahmud, former Land Minister Saifuzzaman Chowdhury Javed, former State Minister for Posts, Telecommunications and Information Technology Zunaid Ahmed Palak, and former State Minister for Information Mohammad Ali Arafat.
Additionally, the BSEC has directed the Central Depository Bangladesh Limited to freeze the BO accounts of Mohiuddin Maharaj, a former member of parliament, until further notice.
Other individuals with frozen BO accounts include Lutful Tahmina Khan, wife of Assaduzzaman Khan Kamal, along with his son Safi Muddaser Khan and daughter Shafia Tasnim Khan.
The list also includes Nurun Fatema Hasan, wife of Hasan Mahmud, and his daughter Nafisa Zumaina Mahmud; Arifa Jesmin Konika, wife of Zunaid Ahmed Palak; and Sharmin Mustary, wife of Mohammad Ali Arafat.
Additionally, Rukhmila Zaman Chowdhury, wife of Saifuzzaman Chowdhury Javed, and his relatives Zara Zaman, Roxana Zaman Chowdhury, Anisuzzaman Chowdhury, and his daughter Zeba Zaman Chowdhury are also on the list.
Furthermore, the BO accounts of Mohiuddin Maharaj’s wife Umme Kulsum and son Sammam Junaid Efti have also been frozen.
According to a directive signed by the commission’s chairman, Khondoker Rashed Maqsood, the BFIU has initiated an investigation into these individuals by freezing their bank accounts under the Prevention of Money Laundering Act.
The directive notes that these individuals, as well as their associates, may have investments in listed companies, and many have previously served on the boards of these companies.
The commission believes that irregularities related to capital market investments could potentially be organised through these individuals. To safeguard the development of the capital market, it is deemed necessary and prudent to take these preventive measures.
The Central Depository Bangladesh Limited has been directed to freeze their BO accounts until further notice. While deposits of funds or shares can still be made into these accounts, withdrawals are not permitted, as per the directive.
According to sources, Savar Refractories, owned by the family of former Home Minister Assaduzzaman Khan Kamal, is a listed company. Due to years of losses, the company’s owners are exiting the capital market by purchasing shares held by common shareholders, a process currently underway.
Additionally, Aramit Cement, owned by the family of former Land Minister Saifuzzaman Chowdhury, is listed in the capital market. The United Commercial Bank, also listed, is owned by members of his family.
