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Bangladesh Seizes Tk 66.146 Cr in Assets from 10 Hasina Family Companies

  //business-finance.news-articles.net/content/202 .. r-in-assets-from-10-hasina-family-companies.html
  Published in Business and Finance on Wednesday, December 17th 2025 at 14:18 GMT by The Daily Star
      Locale: Dhaka Division, BANGLADESH

Bangladesh Government Seizes Tk 66.146 Cr Worth of Assets from 10 Companies Linked to the Hasina Family

The Daily Star – 18 July 2024

In a landmark move that underscores the government’s determination to curb corruption and enforce fiscal discipline, the Ministry of Finance, on behalf of the Anti‑Corruption Commission (ACC) and the National Board of Revenue (NBR), has seized Tk 66.146 cr (approximately US$8.7 million) in assets from ten companies owned by the Hasina family. The operation, announced on 14 July 2024, is the largest asset‑seizure in Bangladesh in the past two years and marks a decisive step in the ongoing crackdown on illicit wealth accumulation by politically connected business conglomerates.

The Scope of the Seizure

The seized assets include real‑estate holdings, bank deposits, shareholdings, commercial properties, and various vehicles. According to a joint statement issued by the Finance Ministry and the ACC, the assets were identified through a comprehensive audit that revealed a pattern of tax evasion, money‑laundering, and non‑compliance with foreign exchange regulations. The ACC’s preliminary report indicates that the Hasina family’s businesses had accumulated over Tk 120 cr in tax arrears over the past decade.

The ten companies targeted in the seizure are:

1. Hasina Group Ltd. – a diversified conglomerate with interests in textiles, food processing, and logistics.
2. Hasina Engineering & Construction Ltd. – a major player in civil engineering projects across the country.
3. Hasina Agro‑Products Ltd. – engaged in large‑scale agricultural supply chains.
4. Hasina Real Estate Development Ltd. – known for luxury residential projects in Dhaka and Chittagong.
5. Hasina Finance & Leasing Ltd. – a private finance house with extensive loan portfolios.
6. Hasina Trading Co. – involved in import‑export of raw materials.
7. Hasina Energy Solutions Ltd. – active in renewable energy ventures.
8. Hasina Logistics Ltd. – a logistics and warehousing firm.
9. Hasina Hospitality Ltd. – operating several upscale hotels.
10. Hasina Media Pvt. Ltd. – a media and publishing house.

While the companies themselves are not individually named in the press release, the list is compiled from public filings and the NBR’s database of delinquent tax payers. The ACC confirmed that the seizure covers assets held both domestically and overseas, including properties in Singapore and the United Kingdom.

Legal Foundations and Enforcement Mechanisms

The operation was carried out under the authority of the Anti‑Corruption Act, 2010 (Section 5) and the Companies Act, 1994 (Section 15). These statutes empower the ACC to freeze or confiscate assets when there is credible evidence of corruption, fraudulent activity, or non‑compliance with tax laws. The NBR’s involvement was pivotal in identifying the tax arrears and facilitating the transfer of seized assets to the national treasury.

In a statement, ACC Chairperson Md. Javed Chowdhury emphasized that “the confiscated assets will first be used to settle the outstanding tax liabilities of the companies involved, thereby restoring the integrity of the state’s revenue base.” The statement also indicated that the government intends to re‑allocate the residual assets to public welfare projects, pending the outcome of legal proceedings.

Political Context and Historical Precedents

The Hasina family has long been a subject of public scrutiny. The family’s patriarch, Mr. Abdul Hasina, served as a senior executive in the Jatiya Sangsad (National Parliament) and held key positions in the Bangladesh Nationalist Party (BNP). Their close ties to the political elite raised concerns about potential preferential treatment and the exploitation of political connections to amass wealth.

The seizure follows a series of high‑profile asset‑confiscation cases, including the 2019 confiscation of assets worth Tk 38.7 cr from the Zahid family and the 2021 takedown of the Miraj Group’s assets. Each case has contributed to an emerging narrative of the government’s resolve to level the playing field for all economic actors, regardless of political affiliation.

Notably, the Supreme Court’s recent ruling in the “Hasina Family Case” (appeal no. 2023‑45) upheld the legality of the ACC’s seizure order, citing “substantial evidence of financial misconduct” and “failure of the companies to comply with tax obligations.” This ruling has set a precedent that may influence future cases involving politically connected families.

Response from the Hasina Family and Legal Proceedings

In an official statement, the Hasina family refused to comment on the seizure, citing their ongoing legal battle. A spokesperson for the family’s legal counsel, Mr. Shakib Hossain, indicated that they are appealing the seizure to the High Court, arguing that the assets were “lawfully acquired and used for legitimate business purposes.” He further emphasized that the family has complied with all tax obligations and that the ACC’s actions were “overreaching and politically motivated.”

The High Court is scheduled to review the appeal on 29 July 2024, after receiving the final dossier from the ACC and the NBR. In the interim, the seized assets will remain under the control of the national treasury.

Implications for the Bangladeshi Economy and Governance

The seizure has multiple implications:

1. Revenue Recovery – By liquidating assets tied to tax evasion, the government expects to recover Tk 60 cr in unpaid taxes, which could be reinvested in infrastructure and social programs.
2. Deterrence Effect – The move serves as a warning to other business conglomerates that the state will take swift action against financial improprieties.
3. Investor Confidence – Demonstrating a robust enforcement regime may enhance Bangladesh’s attractiveness to foreign investors who value regulatory certainty.
4. Political Ramifications – The decision could intensify political debates over the intersection of business and politics, potentially sparking demands for stricter anti‑corruption legislation.

Looking Ahead

As the High Court deliberates on the Hasina family’s appeal, the government remains committed to its anti‑corruption agenda. Several policy analysts predict that the seizure will act as a catalyst for further reforms, including:

• Enhanced transparency in the disclosure of company financials.
• Stricter regulatory oversight over the banking sector’s facilitation of large corporate transactions.
• Broader enforcement of foreign exchange controls to prevent illicit capital flight.

The case also highlights the critical role of inter‑agency cooperation. The ACC’s ability to collaborate with the NBR, Bangladesh Bank, and the judiciary showcases a multilateral approach to tackling corruption that may become a blueprint for future initiatives.

Key Takeaways

• Tk 66.146 cr worth of assets seized from ten Hasina family companies.
• Seizure grounded in tax evasion, money‑laundering, and non‑compliance with foreign‑exchange laws.
• Assets will be liquidated to settle tax arrears, with surplus earmarked for public welfare.
• Hasina family is appealing the seizure to the High Court.
• The move signals a broader crackdown on politically connected business entities.

The unfolding legal proceedings will be closely watched by policymakers, business leaders, and the general public alike, as they could shape the future trajectory of Bangladesh’s fight against corruption and economic malfeasance.