Grant Thornton partners were appointed administrators on 29 July to three London residential propcos holding roughly £142m of assets and about £78m of debt. The companies are linked to former Bangladesh land minister Saifuzzaman Chowdhury; DBS holds charges over multiple flats and the NCA’s freezing orders mean any disposals will be constrained while cross‑border investigations and creditor claims continue.
Partners from Grant Thornton were appointed as administrators to three London residential property companies — ZTS Properties Ltd, Rukhmila Properties Ltd and New Ventures (London) Ltd — on 29 July 2025, according to reporting by Bisnow. The trio hold combined assets of about £142 million on their latest accounts, with ZTS the largest at roughly £77 million, and together owe approximately £78 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’ borrowings are typically secured against London flats.
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‑running allegations over the provenance of funds used to buy overseas property. Bangladeshi reporting has said Chowdhury was among 25 people indicted by the country’s Anti‑Corruption 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 £170 million.
Public company records and business‑data 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’s trading purpose and record the director and charge history. Those filings are the formal register of the companies’ status and underpin the asset and liability figures disclosed in the administrators’ accounts.
Grant Thornton’s move follows earlier administrations of other companies tied to the same group: Bisnow previously revealed three related firms with about £29 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’s partners said they were complying with orders from the NCA and that “no proceeds from sales would be distributed to sanctioned individuals.” The report also notes that Bangladeshi lender United Commercial Bank is seeking around £260 million from Chowdhury, a claim that features in the wider picture of creditor demands.
The immediate practical implication is that a significant residential portfolio may be brought to market under insolvency processes while UK law‑enforcement and cross‑border investigations continue. Lenders with registered charges — DBS among them — will assert security over individual flats as receivers or administrators seek to realise value, and the NCA’s freezing orders will shape which assets can be sold and how proceeds are handled. The sequence of filings at Companies House and the administrators’ 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.
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’ duty is to maximise recoveries for creditors while observing the NCA’s directions — 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.
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Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative was published on 8 August 2025, reporting on events that occurred on 29 July 2025. The information appears to be fresh, with no evidence of prior publication. The report is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. The narrative includes updated data but does not recycle older material.
Quotes check
Score:
10
Notes:
The report includes direct quotes from the Bangladesh Anti-Corruption Commission and the National Crime Agency, with no evidence of identical quotes appearing in earlier material. No variations in quote wording were found. No online matches were found for the quotes, indicating potentially original or exclusive content.
Source reliability
Score:
9
Notes:
The narrative originates from Bisnow, a reputable organisation known for its coverage of real estate and capital markets. The report cites official sources, including the Bangladesh Anti-Corruption Commission and the National Crime Agency, enhancing its credibility.
Plausability check
Score:
9
Notes:
The narrative’s claims are corroborated by official sources and align with recent events. The report lacks supporting detail from other reputable outlets, but this is mitigated by the inclusion of direct quotes from official sources. The language and tone are consistent with the region and topic. The structure is focused and relevant, with no excessive or off-topic detail. The tone is formal and appropriate for corporate and official language.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is fresh, original, and sourced from reputable organisations. The claims are plausible and supported by direct quotes from official sources. No significant credibility risks were identified.
