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Grant Thornton partners were appointed administrators on 29 July to three London residential propcos holding roughly \u00a3142m of assets and about \u00a378m of debt. The companies are linked to former Bangladesh land minister Saifuzzaman Chowdhury; DBS holds charges over multiple flats and the NCA\u2019s freezing orders mean any disposals will be constrained while cross\u2011border investigations and creditor claims continue.<\/p>\n<\/div>\n
Partners from Grant Thornton were appointed as administrators to three London residential property companies \u2014 ZTS Properties Ltd, Rukhmila Properties Ltd and New Ventures (London) Ltd \u2014 on 29 July 2025, according to reporting by Bisnow. The trio hold combined assets of about \u00a3142 million on their latest accounts, with ZTS the largest at roughly \u00a377 million, and together owe approximately \u00a378 million to a mix of lenders. Singaporean bank DBS is recorded as having charges against multiple properties owned by ZTS, and the loans underpinning the groups\u2019 borrowings are typically secured against London flats. <\/p>\n
The companies are part of a wider cluster of firms linked to former Bangladesh land minister Saifuzzaman Chowdhury, who has been the subject of long\u2011running allegations over the provenance of funds used to buy overseas property. Bangladeshi reporting has said Chowdhury was among 25 people indicted by the country\u2019s Anti\u2011Corruption Commission, and a major Al Jazeera investigation in 2024 alleged he accumulated more than $500 million of property across London, Dubai and New York. UK authorities have also acted: the National Crime Agency obtained freezing orders on UK properties it links to Chowdhury, with press reporting estimating the value of those frozen assets at about \u00a3170 million. <\/p>\n
Public company records and business\u2011data services corroborate the insolvency activity. Companies House entries show insolvency filings, receiver and manager appointments and registered charges for ZTS and for Rukhmila, while commercial profiles for New Ventures (London) Ltd list the firm\u2019s trading purpose and record the director and charge history. Those filings are the formal register of the companies\u2019 status and underpin the asset and liability figures disclosed in the administrators\u2019 accounts. <\/p>\n
Grant Thornton\u2019s move follows earlier administrations of other companies tied to the same group: Bisnow previously revealed three related firms with about \u00a329 million of assets had been placed into administration, and Grant Thornton has already begun marketing those portfolios for sale. In a report on the first round of administrations the firm\u2019s partners said they were complying with orders from the NCA and that \u201cno proceeds from sales would be distributed to sanctioned individuals.\u201d The report also notes that Bangladeshi lender United Commercial Bank is seeking around \u00a3260 million from Chowdhury, a claim that features in the wider picture of creditor demands. <\/p>\n
The immediate practical implication is that a significant residential portfolio may be brought to market under insolvency processes while UK law\u2011enforcement and cross\u2011border investigations continue. Lenders with registered charges \u2014 DBS among them \u2014 will assert security over individual flats as receivers or administrators seek to realise value, and the NCA\u2019s freezing orders will shape which assets can be sold and how proceeds are handled. The sequence of filings at Companies House and the administrators\u2019 statements make clear the legal and commercial constraints; they do not, however, resolve the underlying allegations about how the assets were funded, which remain subject to investigation. <\/p>\n
What happens next is likely to be a phased disposal of properties under the control of insolvency practitioners, combined with continued legal action by creditors and enforcement agencies. Buyers, banks and secondary purchasers will need to factor in the potential for contested title, regulatory restrictions and continuing inquiries in Bangladesh and the UK. For now the administrators\u2019 duty is to maximise recoveries for creditors while observing the NCA\u2019s directions \u2014 and the wider questions about alleged corruption and the international movement of funds will be settled, if at all, through ongoing investigations and any subsequent court proceedings.<\/p>\n