A flat in Hampstead, London, where Tulip Siddiq resided for several years, was bought through an offshore company named Pedrock Ventures, registered in the British Virgin Islands, a known tax haven, according to prominent British news outlet The Sunday Times.
This company has ties to two Bangladeshi businessmen, Nasim Ali and Masud Ali, who are co-owners of Shyamlima Limited, a prominent business entity in Bangladesh providing services to foreign oil companies.
In 2000, Pedrock Ventures acquired the flat for £243,000. According to documents leaked in the Panama Papers in 2016, Pedrock Ventures was subsequently bought by another offshore company, Harberton SA, after which Pedrock Ventures ceased operations.
Offshore companies are often used to evade taxes, as investments in tax havens like the British Virgin Islands attract lower tax rates compared to domestic investments. This trend is prevalent among wealthy individuals seeking to reduce their tax liabilities.
Nasim Ali, 70, who moved to the UK in 1970, occasionally visits Bangladesh. He, along with his brother Masud Ali, who resides in the United States, has been linked to several offshore entities, including Shyamlima Limited, in collaboration with Shahid Inam Chowdhury.
In January 2005, the Ali brothers decided to close Harberton SA, and within 24 hours, the Hampstead flat was gifted to Barrister Moin Gani, a young Bangladeshi lawyer then in his twenties.
Gani, later representing Sheikh Hasina’s government, mentioned that it was a great honour for him to play a role in an international panel, as encouraged by Sheikh Hasina herself.
A source in Dhaka mentioned that Gani's parents had close ties with Sheikh Rehana, Tulip Siddiq’s mother, and once ran a restaurant frequented by Awami League members.
Despite attempts to contact Nasim Ali, Masud Ali, and Moin Gani for comments, they did not respond.
In March 2009, Gani gifted the flat to Azmina Siddiq, Tulip's sister, then 18 and without any source of income.
The transaction records show Nasim Ali’s signature, matching one found in the Panama Papers.
Tulip Siddiq lived in the flat for several years and listed it as her address in 2012 and 2014.
Her husband, Christian Percy, also listed it in 2016, a year before Tulip was elected as an MP.
The flat was later sold by Azmina Siddiq for £650,000.
Employees at the Dhaka offices of the Ali brothers' companies stated they were unaware of the directors' whereabouts and could not connect them via mobile phones.
Similarly, attempts to reach Moin Gani's office in Dhaka yielded no response, with his staff noting he had been in London since last year.
Tulip Siddiq has stated that the flat was under her sister Azmina’s name and that inquiries should be directed to her.
However, Azmina Siddiq declined to comment on the matter.
