Businessman and BNP Advisory Council member Abdul Awal Mintoo, his wife and three sons have been named in the Paradise Papers leaks.
Mintoo, former president of the Federation of Bangladesh Chambers of Commerce and Industry, and his family members are tied to NFM Energy Ltd, a gas company incorporated in tax haven Bermuda in 1999.
“NFM Energy Limited is one of the industry leaders in gas drilling exploration sharing interests and investments in Chevron Bangladesh Ltd. It is engaged in gas exploration of blocks 12, 13 and 14,” the
company said on its website. Mintoo is registered as a president, director and shareholder in the company, while his wife Nasreen Fatema Awal and sons Tabith Md Awal, Tasfir Mohammed Awal and Tajwar Md Awal, are named as shareholders and top executives.
The Paradise Papers are a set of 13.4 million electronic records obtained by Germany’s Sueddeutsche Zeitung and shared with the International Consortium of Investigative Journalists (ICIJ) and some media outlets, relating to the offshore investments of individuals from US Commerce Secretary Wilbur Ross to British Queen Elizabeth.
The documents from offshore law firm Appleby contain financial records concerning possible tax havens for the world’s wealthy. These tax havens can be used to avoid taxes by basing companies in countries that have lower tax rates and lax financial regulations.
Those organisations listed in the Paradise Papers may be legitimate operations with no ties to corruption or wrongdoing, the ICIJ says. But many may have been using loopholes in the legal system.
Mintoo said he knew nothing about it when contacted about the matter.
“I know nothing about this issue,” he toldbdnews24.com. “I will have to check where this comes from and what information is included in it before I can speak further. I will then make a statement.”
Mintoo lived in the US for nearly a decade. He was involved in the shipping business before his return to Bangladesh in 1982. About 18 Bangladeshi citizens, including Awami League Presidium member Kazi Zafar Ullah, were named in the Panama Papers and were shown to be shareholders in foreign shell companies.
The Anti-Corruption Commission had promised to investigate the Bangladeshis named in the offshore leaks, but no details of such a probe have been forthcoming.
