Jailed Nassa Group chairman approves asset sales to pay workers

The government will sell assets belonging to Nassa Group Chairman Nazrul Islam Majumder to pay overdue worker wages and settle the company's defaulted bank loans.

Nazrul, who has been in jail since October 2024, signed a power of attorney today (20 September) authorising the sale of his properties.

The Ministry of Labour and Employment confirmed the move in a press release.

The assets listed for sale include Plot-6 on Gulshan Road 7, a seven-storey building and five bighas of land in Ashulia's Tayyabpur mouza, 10 bighas of land in Narayanganj's Char Chengakandi mouza, Rajuk plots and shares worth about Tk86 crore.

Officials collected Nazrul's signature at the jail gate in the presence of magistrates, security agencies, and relevant authorities, a company source said.

Nassa Group, which employs over 25,000 workers, has failed to pay July wages after its factories closed amid debts of Tk8,676 crore owed to 22 banks and one financial institution. Worker protests have continued in recent weeks.

The government earlier directed that a power of attorney be executed by 21 September to allow asset sales for wage payments, warning that failure to do so could lead to legal action and cancellation of passports belonging to Majumder and his family.

Separately, the group must make a 1% down payment — about Tk87 crore — to regularise its defaulted loans and reopen import-export LCs.

Nazrul, who founded Nassa Group in 1990, led the Bangladesh Association of Banks for nearly 17 years under the Awami League-led regime since 2008. He is also the former chairman of EXIM Bank.

Following the fall of the Awami League government, Bangladesh Bank removed him and his wife Nasreen Islam from the EXIM Bank board on 29 August.

On 25 August, the Bangladesh Financial Intelligence Unit ordered all banks to freeze the accounts of Nazrul and his wife.

After Nazrul's arrest on 2 October 2024, the Criminal Investigation Department (CID) launched an investigation against him on allegations of laundering nearly $3 million, or around Tk35 crore, to the United States under the pretext of export.

Nazrul is accused of committing the said crime through trade-based money laundering using Firoza Garments, a concern of Nassa Group, according to a media statement issued by the CID on 2 October.