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ACC says assets worth Tk 50 billion were allocated for Tk 30 billion in the name of PowerPac Holdings
Published : 21 Apr 2025, 10:54 PM
A Dhaka court has ordered the seizure of 40.5 hectares of land belonging to the late Zainul Haque Sikder, former chairman of National Bank Limited, in Purbachal’s New Town project.
The court of Dhaka Metropolitan Senior Special Judge Zakir Hossain Galib issued the order on Monday following the application of the Anti-Corruption Commission (ACC).
The anti-graft agency’s Assistant Director AH Ashikur Rahman filed the plea in the court, said ACC spokesperson Akhtarul Islam.
The application said a seven-member team has been formed to investigate corruption against the chairman and members of National Bank Limited.
The investigation shows Rajdhani Unnayan Kartripakkha (RAJUK) gave temporary allocation in the name of PowerPac Holdings Ltd owned by Zainul’s son Ron Haque Sikder for the construction of a 100/142-storey iconic tower named Central Business District (CBD) on the proposed 40.5 hectares land in Sector 19 of the Purbachal New Town project.
Through a rigged auction process approved by RAJUK, temporary allocation was made at Tk 302.5 million for about half a hectare, despite the actual market value being estimated at Tk 500 million—resulting in property worth Tk 50 billion being allocated for just Tk 30 billion.
“Document review and plot inspection show the plot boundary was taken over by the Sikder Group’s security force by paying an instalment of Tk 270.5 million.
“In addition, a three-storey building is under construction on a part of these lands without RAJUK’s approval. Electricity has been provided by constructing its own powerhouse.
“In the name of development work, the loan amount was transferred and converted by creating false records through the Karwan Bazar branch of First Security Islami Bank, showing that a loan of Tk 110.27 million was sanctioned and disbursed.”
Based on these findings, the ACC moved the court to seize the 40.5 hectares CBD plot.
Zainul was the founding chairman of National Bank Limited. He died in February 2021.
The Sikder Group, founded by Zainul, is spread across different sectors such as banking and insurance, electricity, economic zones, aviation, housing, healthcare, and education.
Its associate companies include PowerPac Ports, PowerPac Economic Zone, Sikder Insurance Company Limited, PowerPac Holdings, Sikder Real Estate, and Multiplex Holdings.
Before the Awami League government was ousted in the mass uprising, the ACC also filed two cases against Ron and his brother Rick Haque Sikder in April 2024 on charges of money laundering abroad.
