Summit Group founder and chairman, Muhammad Aziz Khan, a permanent resident of Singapore for decades, has reportedly renounced his Bangladeshi citizenship to adopt Singaporean nationality.
This move aligns with Singapore's stringent prohibition of dual citizenship.
A long-standing figure in Singapore’s business circles, Aziz Khan has been listed among the top 50 richest individuals in Singapore by Forbes since 2018.
He also appeared in Forbes' global billionaire rankings in 2022, previously noted as the only Bangladeshi national on these prestigious lists.
The 2024 Forbes ranking, however, identifies him as a Singaporean citizen.
According to legal experts, individuals seeking Singaporean nationality must relinquish their existing citizenship and submit proof of the same to local authorities.
Barrister Tanvir Ahmed, a lawyer at the High Court, explained, “Singapore’s laws mandate the surrender of an applicant’s existing passport, alongside approval from their home country, confirming the renouncement of citizenship. It appears Aziz Khan has complied with these requirements.”
Aziz Khan’s wealth, currently valued at $1.1 billion, has positioned him 43rd among Singapore’s wealthiest.
Summit Group, headquartered in Singapore since 2016, contributes significantly to his fortune through ventures in power generation, fibre optics, and port operations.
Now 69, Aziz Khan started his entrepreneurial journey in 1973 with a small-scale shoe manufacturing business in Old Dhaka, funded by a modest capital of Tk30,000.
Over the decades, he diversified into power, ports, and infrastructure, with Summit Power emerging as a cornerstone of his wealth.
The company, listed on Bangladesh's stock market, reported total assets of Tk11,012 crore and net profits of Tk171.54 crore in the last fiscal year.
Despite its success, Summit Group faces its first significant challenges following the political upheaval in Bangladesh and the ousting of the Awami League government in August 2024.
Investigations have been launched into several of the group’s projects, and the contract for its second LNG terminal has been annulled.
Currently, five of Summit Power’s 15 plants have ceased production, signalling potential difficulties ahead for the conglomerate.
Aziz Khan’s family, including his wife and children, have lived predominantly in Singapore for years, with occasional visits to Bangladesh.
Attempts to reach him for comments on this development were unsuccessful.
The Ministry of Foreign Affairs in Dhaka, when contacted, stated that they could not confirm details without reviewing relevant documents.
