Renowned economist and honorary fellow of the Centre for Policy Dialogue (CPD), Dr. Debapriya Bhattacharya, has claimed that around Tk 15,000 crore was smuggled abroad from Bangladesh’s stock market during the years 2010-2011. He said this money was taken out of the market under the influence of top political leaders of the country.
Where He Said This
Dr. Debapriya made these remarks on Saturday, 24 May, during a seminar titled “Stock Market in Bangladesh’s Political Discussions: Philosophy and Practice”, organized by the DSE Brokers Association of Bangladesh (DBA).
Core Points of His Statement
While presenting the main paper at the event, he strongly emphasized that:
“If there is no punishment, injustice and corruption cannot be stopped.”
He pointed out that:
- In 1996, there was also serious corruption in the stock market under political protection.
- Thousands of small investors lost their savings during that time.
- A huge amount of money was withdrawn from the market, but no one was punished.
- According to him, this was the “beginning of the wrongdoing”.
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Impact on Investors and the Market
Dr. Debapriya added:
- Many small and medium investors became bankrupt due to political interference.
- Some companies got listed in the market without having any real foundation.
- Share prices were artificially increased through manipulation.
- The real problem, he stressed, is that the manipulators were never punished.
He said:
“This is the main reason the stock market keeps failing. You can’t fix it with short-term tricks.”
He also mentioned that this collapse weakened the overall economy, and during that time, not a single IPO (Initial Public Offering) came to the market.
Need for Long-Term Reform
Dr. Debapriya explained that the stock market is supposed to be a long-term financial institution, not a place for short-term gambling.
“This market is not for people who live hand-to-mouth. Urgent steps are needed to fix it and overcome the crisis. There must be trust between all parties. And if the market still doesn’t recover, then we must accept that there is a serious problem.”
Who Else Attended the Seminar
Several notable figures took part in the seminar, including:
- Amir Khosru Mahmud Chowdhury, a permanent member of the BNP’s Standing Committee, attended as a special guest.
Other panellists included:
- Md. Mohsin Chowdhury, Commissioner of BSEC
- Md. Mobarak Hossain, member of Jamaat-e-Islami’s central executive council
- Dr. Mashrur Riaz, Chairman of Policy Exchange Bangladesh
- Dr. Tajnuva Jabin, Joint Convenor of National Citizens’ Platform (NCP)
- Mahtab Uddin Ahmed, President of ICMAB
Source: Bangladesh Times
