The interim government will not shut down entire institutions due to the actions by their individual owners, Bangladesh Bank Governor Ahsan H Mansur said, adding that letters of credit (LCs) have been allowed so factories owned by S Alam Group and Summit Group can continue operating.
“We have kept every enterprise running except Beximco Textiles,” he said. “SS Power is also operating because it is a national asset.”
The governor was responding to allegations from business leaders at an investment dialogue hosted by the Bangladesh Investment Development Authority (BIDA) on Thursday, where participants claimed that individuals accused of money laundering remained unaffected.
Mansur said, “S Alam may not be in the country – whether he is allowed to stay or not is a decision for the next government. Summit’s owners are abroad, but all of their enterprises are operating. All units of Beximco – except Beximco Textiles – are operational. We do not want production to stop anywhere. We will not shut down institutions because of individuals.”
He argued that industrial operations are “national assets” that generate employment and livelihoods. “Legally we must proceed while keeping the factories running. By permitting them to open LCs, we have ensured continuous production. No enterprise has been shut down,” he said.
Following the fall of the Awami League government on 5 August 2024 uprising, the Anti-Corruption Commission opened investigations against several major conglomerates – including Beximco, Summit Group and S Alam Group – over allegations of loan fraud, corruption, and money laundering.
After the uprising, Beximco Vice Chairman Salman F Rahman – ousted prime minister Sheikh Hasina’s adviser on private industry and investment – was arrested. S Alam, the chairman of S Alam Group, fled the country.
The interim government subsequently froze the bank accounts of these owners and their families, seized movable and immovable assets, and restricted ownership transfers.
“There is nothing to be gained by wielding a stick,” the governor said. “We must proceed legally. We have filed numerous cases against those who laundered money. But I cannot push cases through the courts – they move at their own pace.”
He said the government is preparing lists so that funds can be recovered quickly through money loan courts, adding that post-verdict legal costs also need to be considered. The objective, he explained, is to end the practice of borrowing and then delaying repayment for decades.
“Some businessmen take money and then use lawyers to manipulate the process and drag it out for 20 years without interest. This tendency exists among a section of businesspeople – and yet, we still have to work with them,” he said.
Mansur added that he personally held meetings with bankers to keep S Alam Group’s SS Power project operational.
“For SS Power alone, I met them three times alongside the bankers,” he said. “Where $2.5 billion has been invested, it is a national asset. It cannot be allowed to shut down. There are foreign investors involved.”
“Chinese partners own 75 to 80 percent of the project, and S Alam owns 25 percent. We have already blocked that 25 percent – it is effectively confiscated. Should I shut SS Power down? Absolutely not.”
Electricity and energy adviser Muhammad Fouzul Kabir Khan attended the dialogue as chief guest.
BIDA Executive Chairman Ashiq Chowdhury presided over the event, which was also attended by Ahsan H Mansur, the Chief Adviser’s Special Assistant for International Affairs Lutfey Siddiqi, and NBR Chairman Md Abdur Rahman Khan.
