The Meghna Group of Industries has sought intervention of the Interim Government's Chief Adviser Dr. Mohammad Yunus to stop false and fabricated campaign against the Group. It pointed out that such motivated campaign will vitiate the business environment which the present interim Government is trying to improve to boost local and foreign investment.
Seeking interference of Chief Adviser Nobel Laureate Professor Dr Muhammad Yunus, Meghna Group's Chairman and Managing Director Mostafa Kamal recently gave a letter to the CA.
In the letter, the Meghna Group Chairman said that some newspapers have published false, fabricated and defaming reports in the papers against the Meghna Group Chairman. The Group has filed miss cases against the newspapers. Responding to the miss cases, the court has given restriction on publishing such reports.
But, violating the court order, the newspapers of Bashundhara Group have published false and defaming reports. Following the reports, more miss cases were filed and the court has issued show cause notice against the newspapers.
To divert the attention of the interim government, the newspapers of the Bashundhara Group have been publishing such false reports against the Meghna Group. They are indulging in malicious and motivated campaign against Meghna Group out of business rivalry and jealousy.
In the letter, Mostafa Kamal said that since its inception, the Meghna Group of Industries has been conducting business with honesty and reputation, playing a positive role in the economic development of the country.
The Group is committed to work with the interim government under Chief Adviser Prof Yunus for the economic prosperity of the country. But it is a matter of deep regret that various institutions have been by false propaganda without giving Meghna Group a chance to defend itself. Such steps and actions will threaten industrial production.
"In this context, I humbly request the concerned institutions to give necessary instructions to refrain from such activities at this time in the interest of the country's economic development," Mostafa Kamal urged.
He said, "'Meghna Group of Industries' is one of the most renowned companies in the country. Meghna Group started its journey through trading business in 1976 and gradually established industrial factories including 'Meghna Vegetable Oil Industries' in Sonargaon under Narayanganj district in 1989.
Mostafa Kamal said, Meghna Group obtained the license of 'Meghna Economic Zone', the first private economic zone of Bangladesh, and established 12 industrial enterprises. It is conducting production activities. Since then, Meghna Group obtained the license of 'Meghna Industrial Economic Zone' and established a total of 22 industrial enterprises including 12 foreign industrial factories. It is currently considered as a model economic zone of Bangladesh. The group has established an industrial factory in the third economic zone of the Group, 'Comilla Economic Zone', which will be operational soon with government approval. As a result of the tireless work and efforts during the last 50 years, a total of 54 industrial factories are currently in production under the Group and it has directly created employment opportunities for more than 60,000 people.
He said "Meghna Group has topped in the import and export list in the fiscal year 2023-2024, with a total amount of US$ 2.79 billion. Similarly, as the top Group it has deposited, Tk 5,000 crore in the government treasury."
Meghna Group has complied with all the rules and regulations in the past 21 years and it established a good record in terms of invoices, insurance policies, value determination of imported products, loans from banks.
The customs department completes the matter of levying duty rates based on the value of imported goods, and through the customary accurate determination of the customs department, all products are discharged. In these long 21 years, no objection has been raised against the Meghna Group by the Customs Department in this regard.
Moreover, the concerned authorities have not raised any objection regarding the insurance coverage, he added.
Meghna Group imported goods as per the international market rates. Meghna Group saves foreign exchange by purchasing goods at competitive prices through intensive negotiations using its expertise, reputation and business relations. In this case, customs duty has been paid as per the assessment value. Therefore, there is no scope for under-invoicing. But unfortunately, out of business rivalry Bashundhara Group has been misusing its own media to spread baseless, fabricated and misleading news to tarnish the business reputation of Meghna Group and its chairman.
Meghna Group of Industries has been producing various products including essential products for the people of the country since the post-independence period and marketing them with great honesty and reputation. Meghna Group has been able to supply 55 per cent of the domestic demand of sugar and 35-40 per cent of the edible oil in order to meet the needs of the public and maintain market stability. In this regard the Meghna Group cooperated with the Commerce Ministry in recent months, particularly during the Holy month of Ramadan.
An investigation has been initiated against Meghna Group by ACC without giving any communication or opportunity to defend itself. Due to this initiative, false, misleading and defamatory news is being published. This is tarnishing the established reputation of the Group at home and abroad. The issue of proximity to the lending institution has created an embarrassing situation, the letter to Chief Adviser pointed out.
It observed that such fabricated and baseless news may of adversely affect foreign direct investment (FDI). As a result, not only the Group, but the economy of the country as a whole will face unwanted challenges, Meghna Group's letter draw the attention of the interim government which is now trying to promote the country's image to attract local and foreign investment.
The intervention of the Chief Adviser has been sought so that no vested interest group can publish news and indulge in motivated and flase campaign against Meghna Group out of business rivalry.
