Action against price-hiking syndicates under Special Powers Act

Adviser Asif Mahmud warns

FE Team | Published: October 15, 2024 23:55:12

Labour and Employment Adviser Asif Mahmud Shojib Bhuiyan said that strict action will be taken under the Special Powers Act against those involved in syndicates inflating commodity prices, reports UNB.
Speaking at a views-exchange meeting held at the Secretariat Media Centre on Tuesday, the adviser stressed that syndicates manipulating prices will face legal consequences, including potential arrests of key figures from corporate entities responsible for intentional price hikes.
The event was organised by the Bangladesh Secretariat Reporters Forum (BSRF).
Adviser Asif highlighted several factors behind the rising commodity prices, including supply-demand imbalances due to crop losses from floods and the influence of syndicates on other goods.
He confirmed that efforts are underway to dismantle these syndicates, noting the weakening of the Consumer Rights Protection Act by previous governments.
He criticised the current enforcement of the law, stating that small fines from the Ministry of Commerce were insufficient to deter malpractice.
He suggested revising the law to reinstate its earlier capacity to impose jail sentences for violations.
He emphasised the need to arrest key syndicate members under the Special Powers Act and indicated that the government has records of certain corporations involved in manipulating prices.
The adviser also pointed out that direct sourcing from farmers by young entrepreneurs could reduce prices, and the government plans to encourage this model in the coming days.
Regarding the state-run Trading Corporation of Bangladesh (TCB), he mentioned that operations had slowed after previous TCB dealers, linked to the Awami League, were removed.
However, he assured that TCB's efforts to provide goods at reasonable prices would soon be strengthened to put pressure on syndicates.
In response to a question, the adviser acknowledged that previous governments had allowed business interests to maintain syndicates through political connections, but said that efforts are underway to identify and dismantle these networks.
On extortion in Karwan Bazar, he noted that while arrests had been made, replacements quickly filled the gaps.
He called for cooperation from political parties to eradicate such practices, stressing that without their support, the transformative changes, for which many have sacrificed, would not be achieved.
The adviser announced an all-out campaign against both extortion and price-hiking syndicates.
He expressed concerns about the state of the economy, indicating that while the Finance Adviser was addressing the challenges effectively, it could take up to 10 years to reverse the damage done over the past 16 years.
The dialogue was presided over by BSRF President Fasi Uddin Mahtab and moderated by BSRF General Secretary Masudul Hoque.