Latest news with #assetfreeze
Free Malaysia Today
09-07-2025
- Business
- Free Malaysia Today
Court revises MACC freeze order on London assets linked to Naimah
MACC alleges that Naimah Khalid is linked to commercial buildings at St Mary Axe and One Crown Court, and three luxury residences at Bryanston Square, Bryanston Mews and Lancaster Gate, all in London. (Bernama pic) KUALA LUMPUR : The High Court has allowed the Malaysian Anti-Corruption Commission (MACC) to amend a freeze order on assets linked to Naimah Khalid in London worth 132 million pounds (about RM758.2 million). Deputy public prosecutor Maziah Mohaide made the application before Justice Azhar Abdul Hamid today, saying the original order was inconsistent with the format required by the UK authorities. She said the amendments would include the full addresses, title details, and value of the properties, as required by the UK authorities. The assets in question comprise two commercial buildings at St Mary Axe and One Crown Court, and three luxury residences at Bryanston Square, Bryanston Mews and Lancaster Gate. The other assets include two residences at Gloucester Place and a CAF Bank Ltd (UK) account held by The Ilham Foundation. Counsel Syed Afiq Syed Albakri, representing Naimah, told the court that he would have to refile an application to intervene as the proposed amendments would render the original freeze order null and void. The court previously stayed the ex parte order to hear Naimah's application to intervene in the case, which was set for today. The court fixed Aug 8 for case management.
Free Malaysia Today
23-06-2025
- Business
- Free Malaysia Today
Court stays order to freeze RM758.2mil assets linked to Daim's widow
Naimah Khalid, the widow of former finance minister Daim Zainuddin, is also seeking to intervene in another MACC application to freeze assets in Singapore. (Bernama pic) KUALA LUMPUR : The High Court here has stayed its earlier ex parte order to freeze assets in London worth £132 million (about RM758.2 million) belonging to Naimah Khalid and her family. Justice Azhar Abdul Hamid will hear the application by the widow of former finance minister Daim Zainuddin to intervene in that case on July 9. The Malaysian Anti-Corruption Commission had applied to freeze the assets, claiming they were potentially linked to offences under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. The London assets include two commercial buildings worth £55.2 million, five luxury residences valued at £77.1 million, and a bank account held under the Ilham Foundation. A separate court also fixed Aug 1 to hear Naimah's application to intervene in MACC's ex parte bid to freeze over RM544 million worth of investment funds belonging to her, her family and associates in Singapore. Justice K Muniandy set the date after hearing submissions from deputy public prosecutor Mahadi Abdul Jumaat and Naimah's counsel, senior lawyer Gurdial Singh. Mahadi told the court that MACC sought to freeze 12 investment accounts believed to contain funds derived from Malaysian sources that were never declared to local authorities. 'The total of these movable assets is over RM544 million or RM544,674,050.97, to be exact. They are in US dollars and pounds sterling. 'These assets have to be blocked to prevent the risk of them being disposed of,' Mahadi said. However, Gurdial said that such an order must not be issued without allowing those affected to be heard. 'If you are going to prohibit that person, then the person must be involved to respond, to say whether or not that prohibitory order could or should be made, and whether there is a basis for the making of that order. 'Otherwise, it is a breach of natural justice because you are not giving them a chance to be heard with regard to their property, and this is not a small amount of assets. It's worth over RM544 million,' he said. Naimah, who is currently facing an asset declaration charge, is accused of failing to declare her ownership in various companies, several plots of land here and in Penang, and two vehicles.
Malay Mail
23-06-2025
- Business
- Malay Mail
High Court grants stay on £132 million asset freeze for widow of late Daim Zainuddin, pending further hearings
KUALA LUMPUR, June 23 — The High Court today allowed an application by Toh Puan Na'imah Abdul Khalid, the widow of the late Tun Daim Zainuddin, for a stay of its ex-parte order to freeze assets belonging to her and her family worth £132 million in London by the Malaysian Anti-Corruption Commission (MACC). The assets comprise two commercial buildings located at St Mary Axe and One Crown Court; three luxury residences at Bryanston Square, Bryanston Mews and Lancaster Gate; two residential units in Gloucester Place; and a bank account at CAF Bank Limited (UK), allegedly held under The Ilham Foundation. Judge Datuk Azhar Abdul Hamid granted the stay after allowing Na'imah's application, who was represented by counsel Datuk Dr Gurdial Singh Nijar. The court fixed July 9 to hear Na'imah's application to intervene in the main proceedings relating to the freezing of the assets. On June 3, the same court had allowed the MACC's ex-parte application to freeze the said assets under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA 2001). In a separate High Court today, Judge K. Muniandy fixed August 1 to hear Na'imah's application to intervene in MACC's separate ex-parte application to freeze 12 investment accounts in Singapore, allegedly owned by Na'imah, her family and associates, with a total value over RM544 million. Earlier, Deputy Public Prosecutor Wan Nur Iman Wan Mohd Afzal requested the court to allow MACC's ex-parte application to freeze the said assets, following findings that the assets had not been declared. 'The total value of these movable assets exceeds RM544 million, consisting of investments in USD and pound sterling. Therefore, we request that this application be heard, and these assets be frozen to prevent the risk of disposal,' she said. On May 22, MACC Chief Commissioner Tan Sri Azam Baki said eight investigation papers were opened based on new information received from external agencies regarding the assets owned by Daim, his family and proxies. Azam said the latest information indicated that the assets owned by Daim, his family and associates were not declared to MACC during the 2023 investigation. — Bernama
The Guardian
12-06-2025
- Business
- The Guardian
NCA freezes £170m of UK property belonging to ally of ousted Bangladesh leader
Britain's serious crime agency has frozen UK property worth £170m belonging to the former land minister of Bangladesh amid a crackdown on former allies of Sheikh Hasina, the autocratic leader deposed in last year's student-led revolution. The National Crime Agency (NCA) confirmed that it had frozen assets belonging to Saifuzzaman Chowdhury, who is among allies of Hasina whose sizeable UK real estate portfolios have come under scrutiny by authorities in Dhaka investigating alleged corruption. Analysis of Land Registry documents indicates that all of Chowdhury's more than 300 properties are subject to asset freezing orders, preventing them from being sold or transferred. These include a luxury home in St John's Wood, London, bought for £11m in 2022, and an apartment block in Fitzrovia, bought for £12.65m a year earlier, part of a portfolio bought for an estimated £170m. Chowdhury is the third member of Bangladesh's former elite to be targeted by the NCA with assets freezes after £90m of property belonging to two members of the Rahman business dynasty were frozen last month. The action follows multiple requests by the interim regime in Dhaka, whose leader, Muhammad Yunus, has been in London this week, for Britain's help in tracing allegedly stolen assets. An NCA spokesperson said: 'We can confirm that the NCA has secured freezing orders against a number of properties as part of an ongoing civil investigation.' One of the homes affected by the freeze was the scene of footage secretly filmed by Al Jazeera as part of an investigation into wealth that Chowdhury had accumulated while he was a government minister. During the meeting, Chowdhury talked about his global property portfolio, his taste for expensive suits and designer 'baby croc' leather shoes and his closeness to Hasina, saying he was 'like her son'. Hasina is the aunt of the UK's former Treasury minister Tulip Siddiq, who resigned from the post in January over her use of properties owned by allies of the ousted leader. Siddiq has since requested a meeting with Yunus to discuss allegations made in Bangladesh, which she denies, that she benefited from corruption. Ben Cowdock, the investigations lead at Transparency International, said: 'These freezing orders present a major step forward, however there still remains millions of pounds worth of UK property – bought by individuals close to Sheikh Hasina – that is at risk of being sold, moved offshore and placed beyond the reach of investigators. 'It is now vital that UK law enforcement intensify efforts to investigate and freeze these remaining assets. Where corruption is found, funds should be returned to Bangladesh and support the interim government's efforts to seek accountability.' The Guardian approached Chowdhury for comment. He has previously said that his UK assets were acquired with the proceeds of legitimate business and that he is the subject of a politically motivated 'witch-hunt'.
Al Jazeera
11-06-2025
- Business
- Al Jazeera
UK crime agency freezes assets of disgraced Sheikh Hasina ally
The UK's National Crime Agency (NCA) has frozen properties in the United Kingdom owned by Saifuzzaman Chowdhury, Bangladesh's former Minister of Land, Al Jazeera's Investigative Unit (I-Unit) can reveal. The move follows legal requests from Bangladesh authorities to take action against assets owned by Chowdhury, a political ally of deposed Bangladesh Prime Minister Sheikh Hasina of the now-banned Awami League party. Chowdhury is under investigation by Bangladesh authorities for money laundering. Last night, in a statement to the I-Unit, an NCA spokesperson confirmed the freezing order: 'We can confirm that the NCA has secured freezing orders against a number of properties as part of an on-going civil investigation.' The property freeze means, in effect, that the assets cannot be sold by Chowdhury. The action by the police agency, often dubbed 'Britain's FBI', coincided with this week's visit to London by Bangladesh's interim leader, Professor Muhammad Yunus. Last year, Al Jazeera revealed Chowdhury, 56, owns more than 350 properties in the UK. While the full extent of the NCA's action is not yet understood, the I-Unit can disclose that Chowdhury's luxury home in St John's Wood, London, is part of the asset freeze. The home, bought for 11 million pounds ($14.8m), was the scene of secret filming by undercover reporters from Al Jazeera's I-Unit. Reporters met Chowdhury during a long-running investigation into wealth that he had accumulated while he was still a government minister. During the meeting, Chowdhury talked expansively to reporters about his global property portfolio and revealed his taste for expensive suits and designer 'baby croc' leather shoes. He described his close ties to the now deposed Sheikh Hasina, telling Al Jazeera's journalists, 'I am like her son, actually.' 'She knows I have a business here,' he also told them. The I-Unit revealed that Chowdhury, from a powerful family in the port city of Chittagong, amassed a property empire despite a $12,000 annual limit as part of the nation's currency laws on the amount a citizen can take out of Bangladesh. The investigation uncovered that Chowdhury spent more than $500m on real estate in London, Dubai, and New York but did not declare his overseas assets on his Bangladesh tax returns. The undercover meeting was part of the Al Jazeera documentary The Minister's Millions, broadcast last October. Chowdhury had been a close ally of deposed Prime Minister Sheikh Hasina, who fled Bangladesh in August 2024 after hundreds were killed as security forces cracked down on student protests. After Hasina's departure, Bangladesh authorities launched an investigation into allegations of widespread corruption in her government. Following the uprising and street violence in Bangladesh, the I-Unit tracked down Chowdhury to his London home, where he could be observed taking leisurely walks around his exclusive neighbourhood, which includes Lord's Cricket Ground. In earlier statements to Al Jazeera, Chowdhury said the funds used to buy his overseas properties came from legitimate businesses outside Bangladesh, which he had owned for years. The former minister claimed he was the subject of a politically motivated 'witch-hunt' against him.
