Two influential members of this family, Shamim Osman and Salim Osman, have assets worth nearly BDT 50 billion. They run businesses in the garments, shipping, transport, and real estate sectors.
On August 5 of last year, before the fall of Sheikh Hasina’s government, due to the mass uprising by students and the public, the powerful members of the Osman family fled the country. Now, they are abroad, looking for partners to sustain their businesses.
Shamim Osman and other family members had anonymous stakes in a leading business group in the country even before. The Osman family’s share in the industrial group has increased with the changing situation. Recently, a member of the central executive committee of the BNP has become a new business partner of the Osman family. This BNP leader, a real estate businessman, used to rent a house in Gulshan, where Shamim Osman stayed. Now, he cares for the Osman family’s properties, including their homes and cars.
While the Osman family has found business partners, another influential Awami League leader from Narayanganj, Golam Dastagir Gazi, has fallen behind. Gazi, who was responsible for the Ministry of Jute and Textiles in Sheikh Hasina’s government, is now in jail. Several of his factories, including tire factories, were burned down after the uprising. The factories that remained intact have been shut for the last eight months.
A close source from Golam Dastagir’s family revealed that they are looking for partners to reopen their closed factories and businesses. However, due to intense conflict between two local BNP factions, selecting a partner has become challenging. They are in discussions with both sides and if an agreement is reached, the factories will be reopened quickly.
Abu Zafar Mohammod Shofiuddin Shamim, elected as a member of parliament (MP) for Cumilla-8 with the boat symbol in the 12th parliamentary election, is also looking for business partners. The head of the SQ Group was once the chairman of the South Bengal Agriculture and Commerce Bank (SBAC). For over a decade, he was a business partner of influential figures like Awami League general secretary Obaidul Quader and state minister for power Nasrul Hamid Bipu. After the mass uprising, he fled the country and seeks a business partner. He has already found a powerful BNP-aligned businessman as a partner. Transferring one of his three director shares in SBAC to this businessman is underway.
Former state minister for foreign affairs Shahriar Alam is also looking for business partners. Hours before Sheikh Hasina’s government fell on August 5, he fled the country through the Chuadanga-Darshana border into India. From there, he traveled through Thailand to Russia. His Renaissance Group owns textiles, garments, real estate, and hospital businesses. Shahriar also has business ventures in Russia.
A responsible official from Renaissance Group told Bonik Barta that none of the group’s businesses are in good condition. All of the bank’s loans are heading towards default. Shahriar Alam, who is abroad, is giving various business instructions. His father, Shamsuddin, is managing the business in his absence. The official confirmed that discussions with several BNP leaders from the Rajshahi region are ongoing to become business partners.
Bonik Barta has spoken to more than a dozen influential Awami League leaders in politics and business. They said that over the past 15 years, leaders from Awami League, ministers, and MPs to union-level leaders have established various businesses. Most of these businesses were centered around contracting firms. They would secure government projects and then sell them to other contractors. In the current situation, the contracting business is no longer viable. However, even those who have established industries at the national level are facing difficulties. Many firms owned by large businessmen like Salman F Rahman have been shut down. In this situation, AL leaders can't sustain their businesses without partners. As a result, some align with BNP leaders among their relatives and friends, while others sell assets and transfer money abroad.
Although these AL leaders shared much information about the future of politics and business, almost none were willing to speak on the record. Former organizing secretary of AL and state minister for shipping, Khalid Mahmud Chowdhury, told Bonik Barta, “In the changed circumstances, not only Awami League leaders and supporters but also businessmen are falling under the wrath of the government and BNP-Jamaat. As a result, many are unable to run their businesses. There is no environment for new investments in the country either.”
When asked whether Awami League leaders are looking for business partners to sustain their businesses, he replied, “I do not have any information regarding this matter.”
In the 9th National Parliament elections, the Awami League, led by Sheikh Hasina, formed the government in early 2009. Since then, politics and business have revolved around the ruling party for over a decade and a half. Awami League leaders built immense wealth through monopolistic control and corruption in business. As the leaders and activists turned into businessmen, Sheikh Hasina also brought professional businessmen into the party.
The AL nominated wealthy businessmen in both national and local elections. This trend continued even in the 12th National Parliament elections held on January 7, 2024, amidst opposition boycotts. Out of the 265 candidates nominated by the AL, 170 were businessmen, making up 64.15 percent of the total candidates.
An analysis of the candidates’ affidavits in the 12th Parliament election revealed that at least 16 AL candidates declared assets of over BDT 1 billion in their tax returns. Golam Dastagir Gazi, Chairman of Gazi Group and former Minister of Textiles and Jute, had assets worth BDT 14.57 billion.
Abu Zafar Mohammod Shofiuddin, who contested from the Cumilla-8 constituency with the boat symbol, declared assets worth over BDT 3.72 billion. Another AL leader from Cumilla, Yussuf Abdullah Harun, declared assets of BDT 3.05 billion. He is a former president of the FBCCI (Federation of Bangladesh Chambers of Commerce and Industry) and former chairman of Southeast Bank.
Controversial businessman Salman F Rahman, who took loans exceeding BDT 500 billion from government and private banks, declared assets of BDT 3.94 billion. He is the Vice-Chairman of Beximco Group and was an advisor on private industry and investment to former Prime Minister Sheikh Hasina. He was also the former president of both FBCCI and the Bangladesh Textile Mills Association (BTMA).
After the mass uprising last year, Salman F Rahman was arrested in August. He has been in jail since then. Meanwhile, over a dozen companies of the debt-ridden Beximco Group have been shut down.
Among the Awami League leaders with assets exceeding BDT 1 billion is Dilip Kumar Agarwala, an Awami League leader from Chuadanga. He is the managing director of Diamond World, a jewelry company, and a former general secretary of the Bangladesh Jewelers Association.
AL leader Mohammad Khosru Chowdhury, who is from Dhaka, has assets over BDT 1 billion. He is the chairman of Nipa Group and a former director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
In their affidavits, AL leaders Alauddin Ahmed Chowdhury Nasim, elected from Feni-1, and Nijam Uddin Hazari, elected from Feni-2, also declared assets of over BDT 1 billion. According to relevant sources, Alauddin Ahmed Chowdhury Nasim, a fugitive, has reportedly become involved with a leading business group in the country.
Among the fugitive Awami League billionaires is former land minister Saifuzzaman Chowdhury Javed, the former Chairman of United Commercial Bank (UCB). In 2023, he declared in the National Parliament that he had assets equivalent to 2.3 million dollars abroad. However, his income tax returns do not mention any overseas assets.
Over the past year, international media have reported that Saifuzzaman Chowdhury Javed and his relatives own at least 295 million dollars worth of assets across various countries. These include 315 properties in the UK, 142 in Dubai, 16 in New York, six in Florida, and three in New Jersey.
According to sources, the fugitive Awami League leader is currently in the United Kingdom. From there, he oversees the business of his family company, Aramit Group, in Bangladesh. However, it is reported that Saifuzzaman Chowdhury Javed is also looking for business partners to sustain his operations. The company secretary of Aramit Group, Syed Kamruzzaman, told Bonik Barta, “We are managing the business in the country. Sir (Saifuzzaman Chowdhury Javed) occasionally joins us on WhatsApp to discuss matters.”
Awami League’s joint general secretary and former foreign minister, Hassan Mahmud, is also searching for business partners. Although he does not appear directly, he controls the business through his wife, Nuran Fatema, and two brothers, Khaled Mahmud and Ershad Mahmud. While he was still Foreign Minister, his wife obtained a ship-handling operator’s license for the outer anchorage of Chittagong Port. The family also owns several fishing trawlers. Recently, over 200 acres of land belonging to Hassan Mahmud's family, under the Ministry of Forests and Environment, have been recovered. However, sources confirm that the family’s businesses are still running. It is alleged that local BNP leaders are helping this fugitive Awami League leader with his business activities.
One of the prominent established businessmen from the Awami League is former local government minister Tazul Islam. He has been involved in various industrial ventures, including the export-oriented garment industry and banking. He owns a factory in the garment sector under the Fabian Group. Despite being a fugitive after the change of government, his factory is still operational. His children now manage the business, but he is reportedly looking for a partner.
Another fugitive Awami League leader looking for business partners is Mahbub-ul-Alam Hanif. Under his company, Quest Group, he owns contracting, dredging, travel agencies, consultancy, resorts, real estate, and fish farming businesses. One of the leaders who fled the country before the fall of Sheikh Hasina’s government is former finance minister AHM Mustafa Kamal. He has businesses in manpower export, real estate, and industry. He is also in discussions with various parties to keep his business running.
Bonik Barta tried to get comments from the fugitive leaders looking for business partners. However, most of them could not be reached. Their mobile numbers in the country are either switched off. Some were contacted but refused to comment on the issue without quoting their names.
Aminul Islam, the Awami League’s relief and disaster management secretary, stated that leaders who had invested in various sectors are in trouble. He told Bonik Barta, “Those investors linked to the Awami League who had invested in different sectors are now in a severe crisis. Forget about profits; they are even losing their capital. Many companies will shut down if they can’t manage their businesses.”
Aminul Islam added that many businesses associated with the Awami League have closed since August 5. As a result, many people have lost their jobs.
One of the fugitive business ministers of Sheikh Hasina’s government is Nasrul Hamid Bipu. He was the State Minister for Power, Energy, and Mineral Resources for a long time. He has businesses in electricity, energy, housing, and other sectors. The Anti-Corruption Commission (ACC) has accused him of embezzling over a thousand crore taka to the United States and Singapore. The commission claims that Nasrul Hamid Bipu opened a company in the U.S. and embezzled vast sums of money. When establishing the company, he used the address of his residence in Florida. The company, named Powerco International, is registered in Singapore and Bangladesh. The company's control is in the hands of Nasrul Hamid Bipu’s relatives and close associates.
Due to his fugitive status, Nasrul Hamid is selling various properties in the country. He is reportedly looking for partners to manage the properties that cannot be sold.