How Swadesh Properties ownership changed with Awami League ouster

Summary:

• Ownership of Swadesh Properties transferred from ex-MP Wakil Uddin to BNP's Quayum
• Wakil Uddin, despite fleeing, still holds significant shares in the company
• Swadesh Properties accused of occupying khas land and flood zones illegally
• Rajuk's orders to halt activities ignored; illegal construction continues
• Allegations of political collaboration between Awami League's Wakil and BNP's Quayum

The ownership of Swadesh Properties Ltd, a housing company worth thousands of crores, has been transferred from former Awami League MP Wakil Uddin to BNP leader MA Quayum in the light of last year's regime change.

The transfer, which happened in September, raises questions about whether Wakil Uddin, accused in genocide cases and currently in hiding, is still benefiting from the company despite losing his political influence as he still holds a significant share of it.

Meanwhile, Swadesh Properties, which has been accused of seizing government khas land and flood flow zones for its housing projects, continues to operate under the new ownership despite receiving notices from the Rajdhani Unnayan Kartripakkha (Rajuk) to halt activities.

Swadesh Properties' current director, Quayum's son Navid Tanvin Ananta, alleges that Quayum had been involved with the company from its inception but was forcibly removed by Wakil Uddin.

However, company documents show no evidence of Quayum's involvement at the time of the company's formation.

According to documents from the Registrar of Joint Stock Companies and Firms (RJSC), Swadesh Property was registered in February 2003, with Wakil Uddin as managing director.

His two sons, Md Farsad Uddin and Md Riasad Uddin, were among the directors. The documents indicate no record of MA Quayum's involvement during the company's inception.

RJSC records of September 2024 show that the company submitted an application relating to a transfer of ownership.

On 1 October, MA Quayum became the company's MD, and his son, Navid Tanvin Ananta, became a director. Despite the transfer, Wakil Uddin and his sons remain directors, collectively holding approximately 10 lakh of the company's 20 lakh shares.

Rajuk notices ignored despite ownership change

Rajuk issued a notice on 12 December ordering Swadesh Properties to halt activities for violating the Natural Reservoir Conservation Act 2000 and the Real Estate Development and Management Act 2010.

Despite the notice, on-site investigations found that landfilling and construction activities on khas land, flood flow zones and water channels continued.

Ashraful Islam, Rajuk's chief urban planner, told TBS, "Swadesh Properties' Shornali Housing Project was developed without Rajuk's approval. We have issued a notice suspending its activities and requested a response."

Rajuk's investigation revealed that the Shornali Housing project, covering approximately 250 bighas beside the 300-foot road in Khilkhet, was developed illegally by occupying khas and wet land.

The Sunvalley Housing project, spanning 3,300 bighas near Madani Avenue, was also found to have encroached on state-owned land and wetland.

Under the previous AL government, Rajuk's attempts to take action against these projects were allegedly blocked due to Wakil's political influence.

However, since the company's ownership was transferred to BNP leader Quayum, his influence has prevented enforcement action, according to Rajuk officials.

Allegations of collaboration between rival leaders

A senior Real Estate and Housing Association of Bangladesh (REHAB) leader, speaking on condition of anonymity, said, "Amid the change in political power, Awami League leader Wakil Uddin and BNP leader MA Quayum have collaborated in various businesses to maintain their dominance. Their influence remains strong in areas like Gulshan, Badda and Rampura."

They added, "Now, to sustain the business and his earnings, the fugitive Wakil has appointed Quayum as the company's managing director. The business and projects are continuing exactly as before."

Quayum's political background

MA Quayum, an influential BNP leader, was elected ward councillor for Gulshan during the BNP-Jamaat regime. He was implicated by the Awami League government in the 2015 murder of Tavella Cesare, a charge he denied, claiming he was in Malaysia at the time.

While in exile, he became convener of the BNP's Dhaka Metropolitan Committee. Following the recent change in government, Quayum returned to Bangladesh and assumed leadership of Swadesh Properties.

Meanwhile, former MP Wakil, accused of genocide and multiple murders, has reportedly fled to Malaysia, according to multiple AL sources.

Swadesh Properties' position

The new director, Navid Tanvin, denied the allegations.

"The claim that we took over the housing business of former Awami League MP Wakil Uddin is baseless. My father was involved with the company from the beginning," he said.

He added, "After the Awami League came to power, Wakil forced us out of the company. Now, with the change in government, my father has returned to the country and can handle legal issues, so we have regained control of the company."

Regarding Rajuk's notice, he said, "We have officially responded to Rajuk's notice. There is nothing more Rajuk can do. We are conducting business lawfully."

Several attempts to contact Quayum by phone were unsuccessful.

BNP Senior Joint Secretary General Ruhul Kabir Rizvi told TBS, "So far, no such allegation has been received against Quayum. Anyone can do business. But if any allegation arises about taking over the business of a fascist former MP involved in genocide, the party forum will discuss and decide on the matter."