Companies involved in illegal syndicates will be brought to book under Special Powers Act: Asif Mahmud

Any corporate companies who are deliberately involved with syndicates in the market will be brought to book under the Special Powers Act, Adviser Asif Mahmud said today (15 October).

"The government will now take tough action in controlling prices of essentials," the labour and employment adviser said during a views exchange meeting at the Secretariat Media Centre organised by the Bangladesh Secretariat Reporters Forum (BSRF).

The move will be part of the government's initiatives to control the surging commodity prices. 

He further said, "...we have reports about the persons and corporate companies who are deliberately creating syndicates. We will arrest them under the Special Powers Act." 

Replying to a query about who is controlling the extortion syndicate now, he said, "The previous syndicate was controlled by the Awami League government. But businessmen were part of the syndicate. They still remain. To save their business interests, the syndicate is being sustained by liaison with some politicians. We are identifying them. Trying to adjust it."

He said the government is trying to arrest those involved with the extortion at Karwan Bazar.

"Many of those involved in extortion in Karwan Bazar have been arrested. But the problem is, when one extortionist is arrested, another replaces them. We are trying to identify the syndicate's root. Political parties should assist us in this regard."

A hardline approach

Speaking at the event, Asif said the interim government is facing challenges one after another.

"There are many factors behind the [surging] commodity price. Many crops have been destroyed by floods, so the prices of vegetables are high. But for other products, syndication has a large influence," said Asif.

Stating that the government is working to break the syndicates, he said the work has become a bit difficult as the previous government weakened the Consumer Rights Protection Act and other means of dealing with the challenges.

"The previous government's nexus with corporations has weakened it so much that reports from the commerce ministry say raids are underway, then shows Tk3,00-5,000 have been fined in the operation. This is not effective."

Previously, he said the law allowed it to send corporations to jail.

"It will take time to fix it all. The law needs to be stricter. But before that, we are thinking that we have to take a hardline approach," he said.