Commerce Adviser Sheikh Bashiruddin said that the role of businessmen is now important for state reform. The government will ensure a business-friendly environment for them.

He said these things as the chief guest at a meeting on the supply of daily necessities and market conditions at the Khatunganj Trade and Industries Association office in Chattogram on Thursday (November 21) evening.

Sheikh Bashiruddin said that about 2,000 students lost their lives in the student movement in July-August. More than 50,000 were injured, many were disabled. They despised life for state reform. The expectations of the students should be given priority.

The month of Ramadan is not far away. Noting that there are exactly 100 days left, the advisor said that many steps have been taken to increase the supply of daily necessities during Ramadan. The government has also reduced the customs duties on several products. Now, he added, the businessmen need to extend their cooperation.

Business leaders demanded ensuring a business-friendly environment in Khatunganj, installation of weighing scales and easy-to-use bank loans. The Commerce adviser assured all-out cooperation in resolving the problems.

The program was presided over by Abul Bashar Chowdhury, acting president of Khatunganj Trade and Industries Association, and was addressed by Mohammad Selim Uddin, Secretary of the Ministry of Commerce and Syed Sagir Ahmed, general secretary of Khatunganj Trade and Industries Association along with other business leaders.

Mohammad Saiful Alam, founder and chairman of Bangladesh's leading business group S Alam, has claimed that Singapore citizenship and an international investment agreement will protect his business from pressure and intimidation created by Bangladesh Bank. Lawyers for Saiful Alam and his family have warned Bangladesh Bank Governor Ahsan H. Mansur in a letter. The warning stated that if their business is unfairly harmed, they will file a case in the International Court of Arbitration.

This information was given in a report by the British newspaper Financial Times on Tuesday (November 19).

Earlier, in an interview with the Financial Times, Governor Ahsan H. Mansur alleged that Saiful Alam and his associates 'looted' at least 1.2 trillion or 10 billion taka from Bangladesh Bank during the rule of ousted Prime Minister Sheikh Hasina. Following such allegations, US-based law firm Queen Emmanuel Urquhart & Sullivan has issued a warning letter on behalf of S. Alam in the letter. The letter said that the governor had made "provocative and baseless comments" that could damage the reputation of a business group. The letter also said that this business group directly and indirectly provided employment to about 200,000 people in Bangladesh.

The Financial Times report said that Saiful Alam's letter and the threat to initiate international arbitration proceedings are seen as the most serious reaction against the interim government of Bangladesh. After the fall of Sheikh Hasina in the student movement, the government came to power under the leadership of Nobel laureate Dr. Muhammad Yunus.

Then, in August, Ahsan H. Mansur was appointed as the governor of Bangladesh Bank. He is a former IMF official. In an interview last month, he said that Saiful Alam and his associates laundered money by taking control of the country's banks with the help of members of the influential military intelligence agency. He alleged that they used tactics such as loans to new shareholders and overpriced import invoices to rob the bank.

The S. Alam Group operates in various sectors including food, construction, garment factories and banking. The group’s chairman, Saiful Alam, his wife Farzana Parveen and their sons Ashraful Alam and Asadul Alam Mahir, own and control a large part of the group. The industrial group, in a statement issued through law firm Queen Emmanuel last month, rejected the governor’s allegations. The statement said that there is “no truth” to the allegations.

The latest letter to the governor said that your statements are a planned campaign to destroy the S. Alam Group. As a result, the investments of investors in S. Alam are also being damaged. It is particularly noteworthy that you are leading or directing this campaign.

The letter also said that the four investors are Singapore citizens. However, there is no information in the letter about when Saiful Alam’s family obtained Singapore citizenship and whether they are still citizens of Bangladesh. The Singapore government also did not respond to a request for comment. Bangladesh and Singapore have had a bilateral investment protection agreement since 2004.

The letter stated that Ahsan Mansur’s statement was on behalf of the Bangladeshi state. It said that as Singaporean citizens, investors enjoy ‘rights and protections’ under the Bangladesh Foreign Private Investment Act of 1980. They will take all necessary steps to protect their rights, including but not limited to seeking dispute resolution through the International Arbitration Centre.

When asked for a response to the letter, Ahsan H Mansur told the Financial Times that the claims he made in the interview with the Financial Times were ‘fully substantiated’. He said that the allegations involved many banks and years of widespread corruption. The documentation of these is still ongoing. It will take some time to process the full documents.

The interim government led by Dr. Yunus is facing many problems. These include political unrest, cancellation of orders in the garment industry and India's critical stance against the government where the threat of going to the international arbitration court is going to be added as a new challenge.

The letter said that Saiful Alam and his family want to resolve the issue peacefully and according to the law instead of a legal battle. Their aim is to avoid a long and costly legal process. However, the letter warns the central bank governor that if he continues to violate their rights and make false statements, then S. Alam will be forced to take legal action. Source: Financial Times. 

The National Board of Revenue has extended the deadline for filing income tax returns by one month. Taxpayers will be able to submit their returns till December 31.

According to the Income Tax Act, 2023, the last date for filing income tax returns for all categories of taxpayers, except companies, for the tax year 2024-2025 has been extended to November 30.

On Sunday (November 17), the National Board of Revenue issued an order extending the deadline for filing income tax returns. NBR Director (Public Relations) Syed A. Mu'men confirmed this information.

It is stated that this year, through a special order of the National Board of Revenue, all government employees located in Dhaka North, Dhaka South, Gazipur and Narayanganj City Corporations, officers/employees of all scheduled banks across the country, officers/employees working in all mobile telecom service providers across the country and officers/employees working in multinational companies mentioned in the said order have been made mandatory to file income tax returns online.

The National Board of Revenue has been requested by taxpayers of various professions to extend the deadline for filing income tax returns. For the convenience of taxpayers, the deadline for filing income tax returns for all taxpayers except companies has been extended by one month for both online e-returns and offline paper returns.

As a result of the increase in the deadline for filing income tax returns, the deadline for filing returns without penalty for all taxpayers except companies has been extended to December 31 for both online and offline returns. Three hundred seventy-five thousand taxpayers have already filed their e-returns online. The National Board of Revenue expects that this year's return filing experience will be hassle-free.

S Alam Group, one of the country's leading industrial conglomerates, is on the brink of shutting down its factories due to its inability to import raw materials following the freezing of its bank accounts.

This group, painstakingly built over four decades by the collective efforts of entrepreneurs, workers, and officials, now faces a crisis threatening the jobs of over one lakh employees.

Economists and affected workers assert that keeping these factories operational could shield a large number of labourers from joblessness.

Experts believe that the government could implement measures to support the industry, such as engaging with the group's top decision-makers to develop strategies for recovering debts owed to various banks.

This could be achieved by ensuring continued factory operations. If businesses are allowed to function, the group could meet its financial obligations through sustained production and income, stakeholders suggest.

Following the ousting of Sheikh Hasina’s government on 5 August, the interim administration focused on sectoral reforms, including freezes on the bank accounts of several large conglomerates as part of financial sector reforms.

The personal accounts of certain key figures were also frozen, compounding the business hurdles for Chittagong-based S Alam Group, which now struggles with daily operations and opening letters of credit (LCs).

The Bangladesh Bank recently froze the group’s accounts, resulting in delayed salary payments and staff layoffs.

Economist Dr Moinul Islam commented, "The group has taken significant loans from various banks. Measures can be taken to ensure debt recovery while allowing factory operations to continue."

He emphasised the urgency of reopening the closed factories to maintain raw material and equipment imports, preserving jobs and preventing widespread unemployment among factory workers’ families.

Speaking to the newspaper, multiple S Alam Group officials highlighted the grave risk to their jobs, urging the government to keep the businesses afloat to protect the livelihoods of employees.

They cautioned that the management would be unable to sustain salaries if operations remain halted, while importing raw materials could revive production and allow debt repayments.

Otherwise, mass closures and job losses are inevitable, and they appealed for a humanitarian approach from the government.

Founded in 1985, S Alam Group has maintained a sterling reputation, contributing substantially to national employment and consistently paying revenues.

This year alone, it deposited approximately Tk12,000 crore into the state treasury. The group employs over one lakh people in sectors including garments, textiles, consumer goods, corrugated tin, transport, cement, steel, and hatcheries.

It also invests significantly in Bangladesh’s power sector, with the 1,320 MW SS Power Plant in Banshkhali, Gandamara meeting much of Chittagong’s electricity demand.

Exporting garments and textile products earns the conglomerate a considerable amount of foreign exchange annually. It also operates numerous schools, colleges, mosques, madrasas, charities, and orphanages.

During the COVID-19 pandemic in 2020, the group provided substantial support, distributing funds, medical equipment, and food supplies to thousands of families.

For decades, S Alam Group has produced and supplied essential consumer goods, maintaining supply chain stability and helping control prices.

However, the account freeze and lack of LC facilities have disrupted their imports and supply operations.

Economists and business leaders believe replacing such a major contributor overnight is impractical, warning of potential supply shortages and price hikes. Suggestions include supervised import and sales by banks, enabling debt repayment and preventing job losses.

S Alam Group’s Sugar Mill Deputy General Manager, Rafiqul Islam, stated, "The mill has been closed since 31 October due to inability to procure raw materials as a result of frozen accounts."

The Oil Mill’s General Manager, also named Rafiqul Islam, cited similar difficulties, mentioning a two-month shutdown that has directly and indirectly affected 7,000 jobs. He urged the government to intervene and keep factories running.