Business owners targeted by media trials

Business owners continue to face numerous challenges, yet some media outlets are circulating false information about different businesses and financial institutions.

Stakeholders express concern that misinformation and fabricated statements are spreading rumours, resulting in a form of "media trial" targeting these businesses.

The ongoing media scrutiny has alarmed ordinary citizens, leading some to withdraw their deposits from banks and financial institutions. The effects aren’t limited to banks; media-driven narratives are also creating unrest in other commercial sectors.

Individuals concerned attribute part of the instability in ten banks to recent media coverage. For instance, an online portal reported, based on a source from the Bangladesh Financial Intelligence Unit (BFIU), that the central bank was appointing receivers for nine major business groups to handle debt recovery. However, the BFIU did not confirm this report, which stakeholders are viewing as part of a "media trial."

AKM Ehsan, Deputy Chief of BFIU, clarified to the Bangla daily Bangladesh Pratidin that neither the BFIU nor the central bank has the authority to appoint receivers; that decision lies with the court, and no such action has been taken.

The reported article suggested that these receivers would focus on recovering loans by locating and liquidating the collateral of these groups. Media trials, involving the judgement of individuals outside the courtroom through media or social media, contravene Article 31 of the Bangladesh Constitution, which protects individuals' lives, reputations and property.

Former FBCCI President Abdul Awal Mintoo shared his concerns, noting that false information harms investment and job creation. “Incorrect news in the media not only damages national but also foreign investments.”

The President of BGMEA, Faruque Hassan, said that media trials have tarnished Bangladesh's image abroad, impacting the apparel industry, which relies heavily on foreign buyers.

BKMEA Executive President Fazle Shamim Ehsan said that premature, unproven allegations can lead to unnecessary economic, social and family disruptions. “Such situations can lead to business failures, causing employees to lose their jobs and ultimately impacting the national economy.”