Bangladesh Development Company (BDC), an enterprise of Magura group, advertises through the print and the electronic media land and apartments available for sale by it. Its advertisement reminds one of many unfortunate Bangladeshis having lost money by purchasing shares and debentures in 1996. No interest on debenture or dividend against shares was ever paid to investors though Magura paper earlier promised juicy return from such investment.
Magura paper is a joint venture with China and till date the mill has not been listed in our stock exchanges. The Securities and Exchange Commission (SEC), the monitoring agency for capital markets and public limited companies (PLC) are totally silenced on the matter. This seems rather dubious.
Many public limited companies (PLCs) have not paid dividend for years, while some pay a paltry sum and some withhold payment after declaring cash dividend at their respective Annual General Meeting (AGM). These PLCs are enjoying interest-free capital for years. Some of them get cash subsidy when investors are being continually many cheated. Many of the PLC executives are VIPs, CIPs, industrialists, representatives of chambers, MPs and even ministers. Executives of defaulting public limited companies abroad, like of Enron, Worldcom, Permalet etc., who were known globally, landed in prison and got other punishments for cheating the state or the members of the public; but nothing happens to our entrepreneurs who play foul games with investors. Prime Minister referred to 1996 share market scandal while speaking to the nation over the broadcasting media on completion of four years of BNP rule. It is a mystery why no action has been taken against those guilty persons. Doesn't it contradict the continuing preaching on eradication of corruption, accountability, transparency etc.?
34 Khan A Sobur Road, Khulna