Aziz Khan (businessman)

Muhammed Aziz Khan (born 1955) is a Bangladeshi businessman, founder and chairman of the Summit Group, one of the largest conglomerates in Bangladesh, whose power projects generate nearly 20% of Bangladesh's electricity.[2][3][4] Khan has led Summit Group from starting as Bangladesh's first private sector power producer to a diversified group with investments across power, energy trading, port, telecommunications, hospitality and real estate.[4]

Muhammed Aziz Khan
Born1955 (age 65–66)
Dhaka, Bangladesh
EducationMBA, Institute of Business Administration, University of Dhaka
OccupationBusinessman
Known forFounder, Summit Group
Net worthUS$955 million (August 2020)[1]
TitleChairman, Summit Group
Spouse(s)Anjuman Aziz Khan
Children3 daughters
Websitesummitpowerinternational.com/muhammed-aziz-khan

Khan has led Summit in building partnerships with multinationals such as GE, IFC and Wärtsilä[5] while securing billions of dollars in financing for infrastructure projects within Bangladesh.[6] Khan pledged to invest another $3 billion into Bangladesh's energy sector.[7]

Early life

Khan is the son of an army officer.[1] His first steps as an businessman were taken with a friend, whose father's death thrust him into the family import business. The 18-year-old Khan borrowed Tk 30,000 from his father to partner in the venture in 1973.[8]

He received an MBA in 1980 from the Institute of Business Administration, University of Dhaka (IBA).[9][1] He studied in Armanitola Government High School and Notredame College, Dhaka.

He started with trading chemicals in Chawk Bazar and Urdu Road in Old Dhaka.[10] Later he expanded his business with support from renowned businessmen such as Anwar Hossain of Anwar Group[11] and Din Mohammad of Phoenix Group.[12] Khan received his early loans from state-owned Pubali Bank and Rupali Bank. He discovered the importance of establishing goodwill that allowed easy financial mobilization.

Later he started trading plastic. In 1988, Khan purchased his first home in Singapore after becoming a permanent resident.

  • Khan with his first business partner Hazi Akbar Hossain.

Career

Under his leadership, Summit Group set up the country's first independent power plant in 1998, Khulna Power Company Limited.[3]

Summit set up the country's first private off-dock facility, Ocean Containers Limited, now known as Summit Alliance Ports Limited which is currently handling about 30% of the country's export and about 10% of the country's import volume.

Summit Communications Ltd is the first company to lay nationwide telecommunication transmission network laying fibre optic to 70% of Bangladesh, and connecting Bangladesh to India and Myanmar through terrestrial fibre optics.[3]

IPCO Ltd, a hospitality and real estate company, is building one five star and one three star hotels, a convention hall and 1000 shops beside the International Airport of Dhaka.[13]

In 2011, Khan led Summit Group in establishing a joint venture with GE to build plants generating 327 megawatts of electricity for Bangladesh. This joint venture secured funding of $327 million, including $112 million from the World Bank.[14]

In 2012, Khan led Summit Group in establishing a joint venture with China Energy Group, the largest government-owned Chinese company, to build various power projects, including a 341 megawatt power plant with a $220 million deal for China Energy Group to provide construction and engineering services.[15]

In 2015, Khan was elected president of the Bangladesh Association of Publicly Listed Companies.[16] He also led Summit Group in winning a deal to build Bangladesh's first high-tech business park, agreeing to invest $207 million to build part of the park across its 232-acre land in Kaliakor, Bangladesh.[17]

In April 2016, Khan, his wife Anjuman Aziz Khan, daughter Ayesha Aziz Khan, brother Zafar Umayyad Khan and nephew Faisal Karim Khan were named in the Panama Papers as operating six offshore companies, mostly in the British Virgin Islands using a Singapore address.[18] Summit Group states that it has no business in any form in Panama, nor it has any link with the legal firm Mossack Fonseca, and that there has not been any mention whatsoever of Khan in "The Panama Papers".[19] The National Board of Revenue (NBR) has started an investigation into the money laundering and tax evasion histories of 25 Bangladeshi politicians and businessmen, including Khan; and the Anti Corruption Commission Bangladesh (ACC) has created a three-member committee to investigate.[20] However, the Bangladesh-based British journalist David Bergman has clarified that the only Bangladeshi people linked to offshore companies as released by the ICIJ relate to an earlier 2013 leak of information involving the British Virgin Islands.[21]

In May 2016, Khan was appointed Honorary Consul General of Finland in Bangladesh due to his long-standing business relationship with Finland.[22] In particular, Aziz Khan has led Summit Group in building close trade relationships with leading Finnish company Wartsila, who has supplied machinery and equipment to many of the Summit Group's power project.[23]

Also in 2016, Khan led Summit Group in securing $190 million in a consortium led by Standard Chartered to finance a $335 megawatt power plant.[24] Khan also helped arranged the largest ever direct loan given to a Bangladeshi company in 2016 for $210 million by Asian Development Bank, International Finance Corporation and Islamic Development Bank.[25] Khan has also indicated that Summit may list on the Singapore Stock Exchange, making it the first Bangladeshi company to do so.[4]

In September 2016, Khan announced that Summit Group has established a Singaporean company that it will publicly list in Singapore and help raise $2.5 billion to invest in Bangladesh projects such as a liquified natural gas terminal and additional power capacity.[26][27]

In January 2017, Summit Group announced that it would build a $500 million LNG terminal in Moheshkhali, Bangladesh. The project brings GE as an equity partner. Khan has said, "We want to ensure constant supply of primary energy for the country by implementing this project."[28] In August 2018, Mitsubishi Corporation acquired 25% of Summit LNG Terminal Co (Pvt) Ltd.[29][30] In 2019, JERA acquired 22% stake of Summit Power International.[31][32] Summit's Founder Chairman Muhammed Aziz Khan expressed his satisfaction with the investment stating, “Much needed technology and capital for Bangladesh’s fast growing power and energy market will be available from JERA with their vast knowledge and balance sheet. JERA by far could be our best partner. This partnership will support our investment program of USD 3 billion by 2022 in Bangladesh.”[33]

In 2018, Forbes Asia listed Khan and family for the first time as the 34th richest in Singapore.[34] In 2020, Forbes listed Muhammed Aziz Khan 37th richest in Singapore.[1]

Positions
  • Chairman, Summit Group of companies, the largest infrastructure conglomerate in Bangladesh
  • Chairman, Summit Power International,[35] the largest Independent Power Producer (IPP) in Bangladesh
  • Chairman, Summit Corporation Limited
  • Chairman, Summit Power Limited (SPL),[36] a publicly listed company in Bangladesh
  • Chairman, Summit Holdings Limited
  • Chairman, Summit Communications Limited[37]
  • Chairman, Cosmopolitan Communications Limited[38]
  • Chairman, Summit Technopolis Limited[39]
  • Chairman, Summit Oil and Shipping Company Limited (SOSCL)[40]
  • Chairman, IPCO Hotels and IPCO Developments Limited[41]
  • Chairman, Summit Alliance Port Limited (SAPL),[42] a publicly listed company in Bangladesh
  • Chairman, Siraj Khaleda Trust[43]
  • Trustee, Prothom Alo Trust[44]
  • President, Bangladesh Association of Publicly Listed Companies (BAPLC)[16]
  • Founding President, Bangladesh Energy Companies Association[45]
  • Honorary Consul General of Finland in Bangladesh[46]
  • Former Director, National Housing Finance and Investments Limited[47]
  • Chairman of Summit Asia Pacific Pte. Ltd.
  • Founder President, Bangladesh Scouts Foundation.[48]
  • Founder Chairman (2009-2015), Prothom Alo Trust.[49]

Recognition
  • 2015 Business Person of the Year, DHL & Daily Star Business Awards[50]

Personal life
Khan with his wife Anjuman Aziz Khan, three daughters and grandchildren.

Khan is a permanent resident of Singapore.[1] He is married to Anjuman Aziz Khan. He met Anjuman as her tutor. They live in both Bangladesh and Singapore. Their residence in Dhaka, Serenity's Lodge, was designed by the architect Nahas Ahmed Khalil.[51]

They have three daughters, Ayesha, Adeeba and Azeeza.[2] Ayesha Khan is the managing director & CEO of Summit Power International.[1] His second daughter Dr Adeeba Aziz Khan [52] is a fellow at Wolfson College, Cambridge University.[53] His youngest daughter Azeeza Aziz Khan is one of the Directors of Summit Group of companies. He has four grandchildren.

He is the third of seven brothers. His eldest brother Lt Col (Rtd) Faruk Khan is a Member of Parliament (MP) and a former minister. His brothers Zafer Ummeed Khan, Latif Khan and Farid Khan are vice-chairmen of the Summit Group of Companies.

Among his close friends is Hamiduzzaman Khan, an artist and sculptor. Khan commissioned Bangladesh's first ever sculpture park and named it the Prof Hamiduzzaman Sculpture Park.[54] Among the sculptures is the country's longest mural.

References
  1. "Forbes profile: Muhammed Aziz Khan". Forbes. Retrieved 19 August 2020.
  2. "Muhammed Aziz Khan". Summitgroupbd.com. Retrieved 8 April 2016.
  3. "Muhammed Aziz Khan". International Economic Forum of the Americas. Archived from the original on 20 April 2016. Retrieved 18 April 2016.
  4. "Summit plans to raise funds from Singapore bourse". The Daily Star. 15 March 2016. Retrieved 26 June 2016.
  5. Summit Group (20 September 2015), Video Profile: Muhammed Aziz Khan, Chairman, Summit, retrieved 18 April 2016
  6. Khan, Sharier (20 December 2010). "Summit assured of $2b financing". The Daily Star. Retrieved 26 June 2016.
  7. "Grab business opportunities in Bangladesh". The Daily Star. UNB. 25 January 2016. Retrieved 26 June 2016.
  8. "The infrastructure trailblazer". The Daily Star. Retrieved 26 June 2016.
  9. "Introducing the Directors". Summit Power. Archived from the original on 24 April 2016. Retrieved 9 April 2016.
  10. "Climbing Higher". ICE Business Times. Retrieved 28 December 2016.
  11. "Anowar Hossain". anwargroup.com.
  12. "Deen Mohammad". phoenixinsurance.com.
  13. "IPCO". IPCO Hotels and IPCO Development Bangladesh Limited. Retrieved 10 October 2018.
  14. "Summit Power gets finance for GE joint venture". Reuters. 30 January 2011. Retrieved 26 June 2016.
  15. "Summit inks energy deal with Chinese company". The Daily Star. Retrieved 26 June 2016.
  16. "Aziz Khan elected BAPLC president". Daily Sun. 18 December 2015. Retrieved 18 April 2016.
  17. "Bangladesh inks deal to build high-tech business park". The Economic Times. Bennett, Coleman & Co. Ltd. 29 June 2015. Retrieved 26 June 2016.
  18. "Bangladeshis not outside Panama Papers". The Daily Observer. Retrieved 8 April 2016.
  19. "Summit rejoinder on Panama Papers". The Daily Observer. Retrieved 5 May 2016.
  20. "NBR probing into Bangladeshi names on Panama Papers". Banglanews24.com. Archived from the original on 20 December 2016. Retrieved 20 April 2016.
  21. Bergman, David (8 April 2016). "Bangladesh Politico: ICIJ 2013 leak database". Bangladeshpolitico.blogspot.co.uk. Retrieved 20 April 2016.
  22. "Aziz Khan as honorary consul general of Finland in Bangladesh". BanglaNews24. Retrieved 26 June 2016.
  23. "Finland opens honorary consulate general in Bangladesh". bdnews24.com. Retrieved 26 June 2016.
  24. "RSS Nieuws – BIO-Invest".
  25. "Summit eyes listing with S'pore stock exchange". Share Bazar BD 24. 13 March 2016. Archived from the original on 31 May 2016. Retrieved 26 June 2016.
  26. Arun Devnath More stories by Arun Devnath. "Bangladesh's Top Utility to Invest $2.5 Billion in LNG, Power". Bloomberg. Retrieved 1 April 2017.
  27. Md Fazlur Rahman. "Summit Group to raise $2.5b". The Daily Star. Retrieved 1 April 2017.
  28. "Summit signs deal to build $500m LNG terminal". The Daily Star. 5 January 2017. Retrieved 15 January 2017.
  29. "Japan Mitsubishi Corp says to acquire 25 pct stake in Bangladesh LNG terminal". Nikkei Asian Review. 17 August 2018. Retrieved 17 August 2018.
  30. "Japan Mitsubishi Corp says to acquire 25 pct stake in Bangladesh LNG terminal". NASDAQ. 16 August 2018. Retrieved 16 August 2018.
  31. "JERA to buy 22% stake in Bangladeshi utility for $327m". Nikkei Asian Review. 8 October 2019. Retrieved 8 October 2019.
  32. "Japan's JERA buys stake in power unit of Bangladesh's Summit for $330 million". Reuters. 7 October 2019. Retrieved 7 October 2019.
  33. "Japan's JERA acquires 22pc stake of Summit Power for $330m". The Daily Star. 8 October 2019. Retrieved 8 October 2019.
  34. "From plastics, Aziz Khan powers his way to business empire". The Straits Times. 10 September 2018. Retrieved 10 September 2018.
  35. "Summit Power International". summitpowerinternational.com.
  36. "Summit Power Limited". summitpowerinternational.com.
  37. "Summit communications Limited". summitcommunications.net.
  38. "Cosmopolitan Communications Limited". cosmocom.net.
  39. "Summit Technopolis Limited". summittechnopolis.com.
  40. "Summit Oil and Shipping Company Limited (SOSCL)". soscl.net.
  41. "IPCO Hotels and IPCO Developments Limited". ipco.com.bd.
  42. "Summit Alliance Port Limited (SAPL)". saplbd.com.
  43. "Empowering Bangladesh we can and we will : Summit Power Limited's 2015 Annual Report" (PDF). 123.49.46.158. Archived from the original (PDF) on 4 May 2016. Retrieved 20 April 2016.
  44. "Prothom Alo Trust | প্রচ্ছদ". trust.prothom-alo.com. Archived from the original on 7 April 2016. Retrieved 18 April 2016.
  45. "Energy Companies Association Opens for Business". International Law Office. 29 October 2001. Retrieved 26 June 2016.
  46. "Summit's Aziz Khan becomes Finland's honorary consul general". The Daily Star. 2 June 2016. Retrieved 26 June 2016.
  47. "National Housing Finance and Investments Limited" (PDF). National Housing Finance and Investments Limited Annual Report 2013. Retrieved 26 June 2016.
  48. স্কাউটস ফাউন্ডেশনের জাতীয় কমিটির চেয়ারম্যান হলেন আজিজ খান. Prothom Alo (in Bengali). 25 October 2011. Retrieved 25 October 2011.
  49. "Prothom Alo awards six journalists". The Daily Star. 27 June 2013. Retrieved 27 June 2013.
  50. "Laurels for Brilliance in Business". The Daily Star. Retrieved 18 April 2016.
  51. "Nahas Ahmed Khalil". bengal.institute.
  52. "Director". Summit Technopolis Limited.
  53. "Junior Research Fellow Wolfson College, University of Cambridge". University of Cambridge.
  54. "Country's longest mural at Summit Gazipur Power Plant". Daily Sun. Retrieved 26 February 2019.
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