Employees in limbo as attacks, arson plague businesses

Following the fall of the Sheikh Hasina government on August 5, the country has witnessed widespread incidents of vandalism, looting, and arson. 

Businesses linked to the former Awami League government, including those owned by ministers, MPs, and party leaders, have been primary targets of these attacks. 

The ongoing violence is severely impacting the business environment, leaving thousands of workers fearful of losing their jobs.

Business leaders are voicing their concerns, emphasising that businesses are national assets. "While individuals may own and manage these enterprises, they are, in fact, the wealth of the nation. Damaging businesses harms the entire country," said one businessman, who also warned that such attacks are tarnishing Bangladesh's image abroad.

Many companies, especially those headquartered in Dhaka, have closed their main offices. 

Faisal Ahmed, an employee at one such company, expressed his anxiety: "I never engaged in politics, yet I'm affected. I don't know if I still have a job or how I'll support my family."

Faisal explained that his company was attacked due to the political affiliation of its owner. "We, the employees, did nothing wrong, but we are suffering because of revenge. Finding a job in this unstable environment is incredibly difficult," he added.

The downfall of Hasina's government, driven by a violent student movement, led to the formation of an interim government under Dr Muhammad Yunus on August 8. Since then, several factories across the country have been vandalised, looted, and set on fire. Companies like Gazi Group, Bengal Group, and numerous garment and transport businesses have been attacked, leaving the future of hundreds of thousands of employees uncertain.

Although some companies have resumed production, their operations have not fully returned to normal. There is concern about whether they can retain all their employees, leading to widespread fear of layoffs.

Top business leaders have once again raised concerns about the security of the country's industries. "Law and order is the primary concern of foreign buyers of Bangladeshi products," said one leader. 

"The ongoing looting, attacks, and arson are causing unemployment and damaging Bangladesh's international reputation. If the situation doesn't improve soon, foreign investment will be discouraged, and buyers may seek alternatives, further harming the economy."

Mir Nasir Hossain, former president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), told Jago News, "I've seen many instances of revenge after a change in government, but this time the violence is escalating. Business establishments are being targeted for looting."

Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), echoed these sentiments, saying, "Businesses are the wealth of the country. Attacks on them harm the nation. We risk losing foreign buyers due to the damage to our reputation."

Mustafa Kamal, Chairman and Managing Director of Meghna Group of Industries (MGI), added, "These attacks are hurting both the country and the common people."

Gazi Group, owned by former Textile and Jute Minister Golam Dastgir Gazi, has been a frequent target. The company reported a loss of around Tk 1,000 crore after its factories were looted and set on fire twice, displacing over 2,500 workers. 

Similarly, the Bengal Group of Industries suffered losses of approximately Tk 462 taka after its factories were attacked.

Businesses across the country are struggling due to the political upheaval. Disruptions in supply chains are affecting the market, and many companies, especially those with ties to the previous government, are unable to resume normal operations. 

On August 4, a fire broke out in several garment factories in Ashulia, including Beximco Synthetic, owned by former Prime Minister Sheikh Hasina's private industry advisor Salman F Rahman. Other attacks targeted the Ha-Meem Group, the SS Agro Complex, and farms owned by political figures of the former government.

A senior official from one of the affected institutions, speaking anonymously, expressed doubts about the company's ability to recover: "I'm concerned about whether we can restart operations and regain financial stability. Retrenchments and disrupted marketing efforts seem inevitable."

Since Sheikh Hasina fled to India after her resignation, houses and businesses of her cabinet members, MPs, and Awami League activists have been torched, vandalised, and looted nationwide. 

"I'm worried that some companies will survive while others won't. Dealer distributorships with many companies might also be terminated," said another businessman, also speaking on condition of anonymity.

The violence extends beyond the capital, with incidents of looting and destruction reported from various districts and upazilas. Activists of the past ruling party and businesses linked to them are being targeted in remote areas as well. The overall impact of this violence is causing significant harm to the country.