Bashundhara Group, one of Bangladesh's largest and most reputed business conglomerates, has issued an urgent appeal to the interim government, calling for swift intervention to stop the spread of defamatory and false allegations against the Group, its Chairman, and Managing Director. In a letter to Dr. Muhammad Yunus, Chief Adviser of the Interim Government, Bashundhara Group's Chairman, Ahmed Akbar Sobhan, emphasized that recent unsubstantiated accusations—disseminated by some media—have caused severe damage to the Group’s reputation, business operations, and the livelihood of thousands of employees and their families.
Background
On September 5, 2024, the Criminal Investigation Department (CID) issued a press release announcing that it would carry out an inquiry regarding some allegations of land grabbing and money laundering alongside other irregularities. These accusations and media publications, made without prior investigation or legal basis, have significantly harmed the conglomerate’s local and global standing. Bashundhara Group has vehemently denied all such claims, stressing that no court or legal authority has ruled against the company on these matters.
The letter expressed deep concern that the widespread media coverage of these speculations, prior to any inquiry or investigation as per the law, has caused confusion among the Group’s stakeholders, trade partners, and financial institutions. Bashundhara Group has emphasized that such serious accusations should be based on thorough investigations and credible evidence - not mere speculation. It further stressed that the conglomerate consistently adhered to regulatory compliance, upholding the principles of law.
Response to Allegations
A key allegation evolves around the conglomerate’s real estate wing for illegally seizing government land and purported lack of regulatory approval for part of its residential projects. Bashundhara’s Chairman has responded that these matters fall exclusively under the jurisdiction of civil courts, and to date, no court has ruled against the Group based on such claims. Furthermore, allegations of siphoning funds abroad and involvement in trade-based money laundering have been outrightly denied as baseless. The conglomerate has maintained a flawless 40-year history of regular loan repayments, with no concerns ever raised by its banking partners or Bangladesh’s central bank.
Moreover, the Group categorically denied the unsubstantiated accusations of gold smuggling and tax evasion, emphasizing that no such formal complaints had ever been lodged, and no official investigation had been undertaken to substantiate these allegations. The media reports, which speculatively tainted the conglomerate as guilty before completion of any inquiry or investigation, have severely disrupted its business operations and damaged its reputation both domestically and internationally. It has also violated the basic presumption of innocence of the Group, its Chairman and Managing Director before proven guilty, contrary to international legal and journalistic standards.
Economic Contributions at Risk
The letter to the interim government underscored that since its inception in the 1980s, Bashundhara Group has played a critical role in Bangladesh’s economic development. The Group’s ventures in real estate, bitumen, cement, paper, food, shipping, and essential commodities contribute to the country’s housing, infrastructure, and food security. Its oil and gas projects are vital for Bangladesh’s energy needs, while upcoming ventures in diverse sectors aim to reduce the nation's dependency on imports, preserving valuable foreign currency reserves.
Bashundhara Chairman’s letter further stressed that the ongoing defamatory campaign threatens to destabilize the conglomerate’s widespread business operations across diverse industries. Such outcomes would inevitably have a ripple effect on the national economy, jeopardizing thousands of jobs and harming Bangladesh’s international credit rating on the global stage. It would also injure the Group’s significant contributions to the government exchequer.
Appeal for Government Action and Commitment to positive contributions
Bashundhara Group has urged the interim government, led by Dr. Muhammad Yunus, to protect its businesses, the livelihoods of thousands of employees, and its hard-earned reputation.
Chairman Ahmed Akbar Sobhan also emphasized that even though the conglomerate has fostered positive relationships with successive governments during the last four decades to ensure business continuity, none of his family members were ever involved in politics. He further reaffirmed the Group’s commitment to contributing to Bangladesh’s socio-economic development and upholding transparency, fairness, and accountability in all its endeavors.
The letter addressed to the Chief Advisor on 2 October 2024 has been shared with several ministries and law enforcement agencies for their attention and necessary steps.
