Abdul Awal Mintoo stated that the freezing of bank accounts is not legal

Abdul Awal Mintoo, a prominent business figure and former president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), stated on Monday that the recent freezing of bank accounts of various individuals was not legal. He further explained that he personally disapproves of freezing bank accounts without involving the court process.

Mintoo made these comments while discussing the current business and economic situation of the country and the way forward at an event held by the Economic Reporters’ Forum (ERF) in the city’s Paltan area. ERF president Refayet Ullah Mirdha, general secretary Abul Kashem, and other forum members were also present.

Regarding the recent freezing of bank accounts by the Bangladesh Financial Intelligence Unit (BFIU), which affected several former ministers, MPs, and traders after the fall of the Awami League government on August 5, Mintoo said, "I do not support unfair freezing of bank accounts. What is happening now, where accounts are being frozen arbitrarily, is not legally valid. This should be done through the court, following due process and investigation, with proper evidence. Even my own bank accounts could be frozen, and I would have no objection, but it must be done in accordance with the law."

Mintoo also addressed the recent decision by the interim government to sell ownership of 16 apparel companies of the Beximco Group, and the possibility of closing more companies within the conglomerate. He said, "Who would sell and why? A business firm is neither ethical nor unethical. If the people running those companies are found to be unethical, they should be held accountable. But no business should be shut down. I hope the interim government will not make any decision to close any firm that employs thousands of people."

When asked about trade relations between Bangladesh and India, Mintoo acknowledged that relations between the two countries were currently strained. He attributed this to India's longstanding relationship with one political party in Bangladesh, which is no longer in power. Mintoo added, "The current government’s position is to first recognize the events of August 5 in principle, and then move forward. I believe this is the right approach." He emphasized that while Bangladesh's relationship with India should remain positive, it must also be based on mutual respect and dignity.

On the issue of monetary policy and investment, Mintoo expressed concerns about the government’s contractionary approach to controlling inflation, particularly by raising interest rates. He argued that this could harm the broader economy, reducing the number of Letters of Credit (LCs) opened and leading to supply shortages, which would eventually trigger long-lasting inflation. He stressed that the government must focus on both controlling inflation and fostering investment and employment.

Despite the challenges, Mintoo believes the economic situation is improving gradually, especially in the banking sector. He noted that while the resolution of banking sector issues will take time, the government's efforts to recover defaulted loans and restore consumer trust are beginning to show results.

Mintoo also emphasized the importance of a democratic government for the country's full recovery. He criticized a statement from an adviser claiming to be in charge but without authority, calling it dangerous. He stated, "A democratic government is accountable to the people, and it is crucial to announce a clear roadmap for elections."

As a BNP leader, Mintoo suggested that not all sectors require immediate reform, but organizational reforms could be initiated. He proposed that constitutional reforms should be made based on consensus, so that any future government could implement them.