NBR for halting share transfer of 7 conglomerates
The National Board of Revenue (NBR) has requested the Registrar of Joint Stock Companies & Firms to immediately suspend the transfer of shares—whether through purchase, sale, or donation—of seven major conglomerates in Bangladesh.
The companies targeted are: Bashundhara Group, Orion Group, Summit Group, Beximco Group, S Alam Group, NASSA Group, and Third Wade Technologies Ltd (Nagad Ltd).
NBR's directive
On Sunday, Ahsan Habib, director general of the NBR’s Central Intelligence Cell (CIC), issued the directive to the Registrar’s office, citing the authority granted by Section 223 of the Income Tax Act, 2023. This section empowers the NBR to take preventive measures, such as freezing or seizing assets, to curb tax evasion.
The letter stated that an ongoing investigation has uncovered serious allegations of financial irregularities, including large-scale tax evasion, by these conglomerates. As a result, the suspension of share transfers is deemed necessary "in the public interest."
Broader investigation
The move comes amid a broader crackdown on financial misconduct following the end of the 15-year rule of the Awami Leaguegovernment on August 5.
The interim government, now in power, has launched anti-corruption efforts targeting government departments, the financial sector, and major companies.
As part of these efforts, the CIC is investigating prominent business figures including:Salman F Rahman, vice chairman of Beximco Group, Ahmed Akbar Sobhan, chairman of Bashundhara Group, Muhammad Aziz Khan, chairman of Summit Group, Nazrul Islam MazumderChairman of NASSA Group, and Obaidul Karim, chairman of Orion Group
In connection with the investigation, banks and financial institutions have been asked to provide transaction details related to these business leaders and their families.
Recent arrests
Several high-profile arrests have been made. Beximco Group’s vice chairman Salman F Rahman was arrested shortly after the change of power, while Nazrul Islam Mazumder of NASSA Group was apprehended in Dhaka's Gulshan area on Tuesday night.
Additionally, the NBR initiated an inquiry into Saiful Alam, chairman and managing director of S Alam Group, and his family.
The Commissioner of Tax Zone-15 of the NBR’s Income Tax Department has requested information about their bank accounts and credit card activity as part of the investigation.
The suspension of share transfers is seen as a crucial step in controlling potential tax evasion and financial misconduct within these conglomerates during the ongoing probes.
