The Dhaka North City Corporation has finally taken possession of its share in the Sheraton Hotel building in Banani, Dhaka, bringing an end to a decade-long deadlock over share distribution in the Borak-DNCC.
The official handover was marked by the signing of a possession transfer agreement between Sheraton Hotel authorities and DNCC at the Nagar Bhaban in Gulshan on Wednesday.
DNCC CEO Abu Sayed Md Kamruzzaman signed the agreement on behalf of the city corporation, while Borak Real Estate Ltd CEO Gazi Mohammad Shakhawat Hossain signed on behalf of his company.
Describing the signing as a milestone, the DNCC administrator Mohammad Ejaz said, 鈥淲hat I have accomplished today will be remembered by the people of Dhaka. This is a historic achievement.鈥�
Regarding other unresolved asset-sharing issues, Ejaz added, 鈥楾here are also disputes over the share distribution in the Nagar Bhaban and the City Centre. I will address them one by one. My job is to secure the state鈥檚 rightful stake wherever it exists to uphold public interest. That鈥檚 exactly what I鈥檓 doing.鈥�
Notably, since 2015, Borak Real Estate had repeatedly had urged the DNCC to claim its share in the Sheraton Hotel building. However, the then-DNCC administration reportedly failed to take possession.