The Bias In "The Unbiased Move"

The list of the corrupt spares few, Govt triggers panic anew.

Govt has decided to set up a fund of Tk 1.3 trillion by seizing the properties and assets of former ruling party politicians and cronies. Apart from that many other less important irregularities and money laundering incidents are being investigated. The newly formed fund will be used to pay back the money of trouble-ridden banks and to finance the pro-poor programs.

The UK authority already confiscated properties belong to former ruling party crony. And govt is working diligently to bring back some of the laundered money.

Since the fall of former regime, former central bank governor, former cabinet secretary, former spy bosses,former army chief, former police chief literally vanished from the country. They are on the run. This tells the magnitude of corruption taken place during the previous regime and retributive political culture in this country. These men-on-the-run do not have courage to face the press and the court. What surprised me the top 10 list of crony groups does not include business conglomerates that have close ties to former Army chief or contributed to recent political activities or just switched sides.

For instance, former finance minister's business conglomerate that was accused of stock market manipulation and other irregularities are not in this list. This group has close ties to the business group of a former mayor who was also brother of a former Army chief. It was accused of grabbing land in city's high-end residential quarter. Former finance minister was the architect behind,as claimed by himself in the Parliament, the 9-6 interest rate policy that led to macroeconomic disaster and number 1 client of a specialized bank. Interestingly, he was arrested before during the time of 2007 caretaker govt and this [time he] was allowed to flee the country after receiving prior information of the brewing political turbulence. And his business group goes off the radar of scrutiny when govt is preparing the list. This politician cum businessman was first nabbed [in 2007], then released ,allowed to lead to plunder the economy and then allowed to flee the country before others. Another businessman cum politician who was also ruling party MP and former president of Bangladesh-China Chamber of Industries is spared. Its news outlet played a role during the time of July uprising and made generous donations to newly formed political parties. Similarly, many real-estate developers who patronized the new political parties goes off the radar from this corruption scrutiny. In addition, Army backed subsidiaries that benefitted [financially] by supplying voting gadgets to controversial elections are not on that list.

Some of the business groups whose properties are seized were acted upon the instructions of high ranking Army officials tasked to deal with issues garnering attention at home and abroad. How on earth would a business group launder such sheer size of bank money without prior instruction/ blessing of powerful agencies? Even the governor in an interview with an international daily acknowledged this. The group entangled itself with the kitchen market so deeply that it even contributed to the price hike of kitchen commodities after the fall of Hasina regime.

The 9-6 interest rate policy raised the portfolio risk, affected by systematic risk,inflation risk,currency risk and political risk. There should be clear distinction between the groups/ individuals that transferred money abroad with proper business credentials and those with corruption motive using fake id and shell companies. Since the systematic risk prevails at large, the newly formed fund should be used to assist groups and individuals who may fall prey to portfolio risk.

The previous corruption drive in 2007 set a panic spree and led the massive money laundering incidents in the subsequent years. Setting up a regulatory environment and routine work instead of seasonal drive after a long hiatus will be more effective.

Since nondiscrimination is the motto the current regime adopted for its action, current anti-corruption drive should reflect it if it is eager to pursue it anyway.