Selling Beximco firms will hurt jobs, export production: Abdul Awal Mintoo
He stated that he has never invested in the capital market or earned any profits from it
BNP leader and former FBCCI president Abdul Awal Mintoo has said the government should not sell Beximco Group companies, as such a move would disrupt export-oriented production and result in many people losing their jobs.
"Why should the government sell Beximco Group companies? If the owner of the group has committed any wrongdoing, he should be punished according to the law," he said in response to a question at an event organised by the Economic Reporters Forum (ERF) in the capital on Monday (9 December).
The question followed several media reports suggesting that the interim government is considering selling multiple companies of the group as a long-term solution to the ongoing workers' unrest over unpaid salaries.
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The Beximco Group employs 82,000 people in its industrial establishments, Mintoo said, urging the government to avoid actions that could disrupt export-oriented production and harm employment.
Criticising the misuse of the capital market, Mintoo said, "Some people have turned the capital market into a lottery. Instead of true investment, they buy and sell shares, expecting quick profits. They believe the shares they purchase today will rise in price in a few days, allowing them to profit by selling them."
When asked about the recent trend of freezing businessmen's accounts, Mintoo said, "It seems that accounts are now being frozen arbitrarily. I don't agree with this, as it is not legal. Such actions should be done through the court process."
Abdul Awal Mintoo, also chairman of National Bank PLC, said that the condition of weak banks is improving with the assistance provided by the Bangladesh Bank.
When asked about the role of traders' syndicates in inflation, he responded, "Syndicates may exist in 2-3 areas, such as edible oil, sugar, corn and wheat. These items need to be imported in large quantities, requiring LCs of $10 million or $20 million. Small traders cannot handle these imports. Larger trading corporations dominate the imports, and they are often the biggest defaulters in the bank."
