The Crime Desk: Dr. Debapriya Bhattacharya, Honorary Fellow of the Center for Policy Dialogue (CPD), has claimed that influential political figures in the country withdrew 20,000 crore taka from the capital market in 2010-11, of which at least 15,000 crore taka was laundered.
The senior economist gave this information while presenting the main paper at a discussion titled ‘Capital Market in Political Discussions of Bangladesh: Philosophy and Practice’ organized by the DSE Brokers Association of Bangladesh (DBA) on Saturday (May 24).
He said that it is not possible to prevent injustice and corruption without punishment. We have seen that in 1996, major irregularities took place in the stock market under the political umbrella. Thousands of people sat on the streets, but no trial was held for the incident at that time. This was the beginning of sin.
Dr. Debapriya further said that many small and medium investors have become destitute due to political influence. They have been listed without any real valuation of any institution, and the share price has been increased through manipulation. However, the manipulators are still beyond punishment.
He alleged that the capital market will not be fixed with a panacea. This market shock has weakened the entire economy. Not even an IPO came at that time.
Expressing concern about the future of the capital market, he said that the capital market is a platform for long-term financing. The mentality of ‘give and take’ does not go with this institution. To make it viable, trust must be restored and mutual cooperation must be increased. If even then it does not work, then it must be understood that there is a major structural problem.
BNP Standing Committee Member Amir Khasru Mahmud Chowdhury was present as a special guest at the discussion meeting.
Bangladesh Securities and Exchange Commission (BSEC) Commissioner Md. Mohsin Chowdhury, Member of the Central Executive Council of Jamaat-e-Islami Bangladesh Md. Mubarak Hossain, Chairman of Policy Exchange Bangladesh Dr. Mashrur Riaz, Joint Convener of the National Citizens Committee Dr. Tajnuva Jabin and President of ICMAB Mahtab Uddin Ahmed, among others.
