New £86m Bangladeshi asset freezes an 'important breakthrough' in fight against dirty money

Transparency International UK can reveal the National Crime Agency’s (NCA) has moved to freeze £86 million worth of property owned by the Rahman family, allies of ousted Bangladesh leader Sheikh Hasina. 

The NCA obtained the orders this week, which will now prevent the Rahman family from selling nine properties located in central London. This follows calls from Transparency International UK, Transparency International Bangladesh and Spotlight on Corruption in September last year to take action against the assets of senior figures within the Hasina regime. 

The Rahmans’ property featured in a joint investigation between Transparency International UK and The Observer in November last year highlighting £400 million worth of property owned by allies of Sheikh Hasina.

Duncan Hames, Director of Policy at Transparency International UK said: 

"The NCA's actions are an important breakthrough - the first international asset freezes targeting those associated with the former Bangladesh regime."

"Yet this should just be the beginning. Our investigation uncovered hundreds of millions of pounds worth of property bought with suspicious wealth by those from Bangladesh. We urge UK law enforcement to continue their inquiries and to freeze all suspect assets without delay.

"This first round of asset freezes send a clear and powerful message: the UK is closed to dirty money. Now we must seek to recover any stolen assets and return them to victims of corruption."

Notes to editors: 

• On Thursday 22 May, the Financial Times reported that the NCA froze two properties worth £7.2 million as part of a civil investigation, but our analysis of land and company filings suggests that at least 9 land titles worth £86 million have been frozen. According to Land Registry documents, the NCA has made applications to amend these titles, with the Land Registry processing these applications. When processed, they will show a restriction order on the properties with more details about the courts authorising the orders.
• A spokesperson for Ahmed Rahman told the Financial Times: “Our client denies any involvement in any alleged wrongdoing in the strongest possible terms. He will of course engage with any investigation which takes place in the UK.”
• They added: “It is well known that there is political upheaval in Bangladesh, where numerous allegations are being made against many hundreds of individuals. We would expect the UK authorities to take this into consideration.”
• The frozen assets were exposed as belonging to the Hasina family and their close associates in an investigation jointly published by Transparency International UK and the Observer. It found that Bangladeshi power players accused of corruption has amassed a portfolio of British real estate worth almost £400m. This suggests there may be many more assets which the NCA should consider investigating in the future.
• Our previous analysis broke down these Bangladeshi assets per constituency:
  • Cities of London and Westminster: £151,325,000
  • Kensington and Bayswater: £54,643,400
  • Poplar and Limehouse: £22,023,275
  • Chelsea and Fulham: £19,104,000
  • Queen's Park and Maida Vale: £14,517,965
  • Windsor: £13,341,656
  • Bermondsey and Old Southwark: £7,183,200
  • Bethnal Green and Stepney: £7,020,202
  • Others  £91,024,613 

Total  £380,183,311