NBR freezes Envoy Textiles dividend for Salam Murshedy to recover Tk22cr dues

The National Board of Revenue's (NBR) Tax Intelligence and Investigation Unit has frozen the dividend income of former Envoy Textiles Managing Director Abdus Salam Murshedy to recover Tk22 crore in outstanding government revenue from him.

Murshedy currently holds a 7.47% stake in the listed company, which recently recommended a 30% cash dividend for the fiscal year 2024-25. However, the NBR directive will prevent these funds from being credited to him. 

The freeze covers all dividends due on his shareholding — along with any bank deposits listed under his tax files — based on a formal order signed by Assistant Commissioner A Moin Khandakar and issued on 14 September under Section 223 of the Income Tax Act, 2023.

During the company's recent Annual General Meeting (AGM), Envoy Textiles confirmed that dividends payable to Murshedy will instead be placed into a dedicated bank account, in compliance with the NBR instruction.

The crackdown follows earlier investigations by the tax intelligence unit, which uncovered evidence of Tk22 crore in tax evasion by the businessman and former Awami League MP. Murshedy had previously admitted to part of the irregularity and paid Tk3 crore to the exchequer, but the remaining dues remain unsettled.

Murshedy was arrested on 1 September 2024 and remains in custody.