The Central Intelligence Cell (CIC) of the National Board of Revenue (NBR) has identified nearly Tk213 crore in assets owned by Sadat Mannan, son of former Planning Minister MA Mannan.
After deducting liabilities, his net assets are estimated at Tk140 crore.
In addition to seven apartments in a Dhaka building, assets have been identified in both Dhaka’s Banani and Sunamganj.
The majority of these assets are located in the United Kingdom and Switzerland, totaling approximately Tk132 crore.
Sadat, who holds a UK passport, first disclosed this information in 2024 when he filed his tax return in Bangladesh, prior to the fall of the Awami League government. However, he did not provide details about the sources of his income.
A UK resident for nearly 30 years, Sadat Mannan holds a British passport, according to family sources. He worked for over 20 years at Barclays Bank in the UK, and is currently involved in the consultancy business, his father MA Mannan told The Business Standard.
Despite MA Mannan’s reputation as a respected and honest politician, the revelation of such significant assets owned by his son has raised questions.
A senior official from the National Board of Revenue told The Business Standard, “Given Sadat’s long tenure at Barclays Bank, it seems impossible for him to have acquired such wealth. We suspect these assets may be the result of money laundering from Bangladesh.”
The CIC has also initiated investigations into tax evasion and asset information concerning not only Sadat Mannan but also his parents, MA Mannan and Zolekha Mannan, as well as his sister, Sara Mannan. Banks have been instructed to freeze the bank accounts of the Mannan family members as part of this investigation.
A CIC officer, speaking anonymously, said, “On Monday, orders were issued to freeze the bank accounts of MA Mannan and his family. Information about Sadat Mannan’s foreign assets worth Tk132 crore has been uncovered.”
The officer added that the investigation into Sadat Mannan’s assets is ongoing, saying, “Sadat has failed to disclose the sources of his wealth. If he cannot provide this, the entire amount will be treated as income, and tax will be applicable.”
TBS tried to contact Sadat Mannan by phone, but he was unreachable.
In response, MA Mannan denied any illegal assets held by himself or his children.
Speaking to TBS yesterday, he said, “I have no illegal assets. To the best of my knowledge, neither do my children.”
He confirmed the seven apartments his son owns in a Dhaka building, explaining, “The building was constructed by a relative of mine (Sadat Mannan’s maternal uncle) at the end of the last century. They no longer reside in the country. My son bought the seven apartments from him.”
Regarding assets abroad, MA Mannan said he does not possess detailed information.
After becoming a minister, MA Mannan’s family background was clarified: His wife, Zolekha Mannan, is a teacher at a women’s college in Dhaka, while his daughter, Sara, is a doctor living in the USA with her husband. His son, Sadat, works as Managing Director of Barclays Capital (Bank) in the UK and resides in London.
Sadat Mannan’s tax file was first investigated by Dhaka Tax Zone-15 before being transferred to the CIC.
Lutful Azeem, commissioner of Tax Zone-15, told TBS, “We found information about assets worth over Tk100 crore belonging to Sadat Mannan.”
According to NBR, Sadat’s assets in Bangladesh, including agricultural and non-agricultural properties, are valued above Tk8 crore, including the seven apartments in Banani.
However, a CIC officer noted that acquiring seven apartments in an area like Banani at with cost over Tk5 crore, seems unrealistic.
Apurba Kanti Das, a former NBR member, told TBS, “Bangladesh can request information about the foreign assets. Sadat has worked at a bank or been in business for a long time. The government can investigate whether those assets were acquired through his professional work or whether money was transferred from Bangladesh. However, without confirmation, his foreign income cannot be deemed illegal.”
