Cases filed against 36 conglomerates, tycoons inlcuding Bashundhara, S Alam, Square, Pran, ACI

Bangladesh Competition Commission filed cases against 36 conglomerates and tycoons, including Bashundhara, S Alam, Square, Pran, ACI, City, Akij and Meghna on charges of creating instability in the essential commodity market.  

The commission alleged the accused companies and business magnates have created instability in the market by means of hiking prices by big margin and artificial crisis of rice, flour, coarse flour, egg, broiler and toiletries.

The commission filed this case on Thursday -- the day when the names of 11 conglomerates and tycoons were made public. The identities of the reamining one were published on Monday.

Altogether, the commission lodged 44 lawsuits against 36 companies and the businesspersons.  

According to the competition commission, cases have been filed against the chairmen of Square Food and Beverage and ACI, managing director (MD) of Bangladesh Edible Oil, chairman or MD of BRAC Seed and Agro Enterprise, chief executive officer (CEO) or MD of Pran Foods and MD of City Group of Industries on charges of creating instability in the rice market.  

Apart from this, cases were lodged against the MD of Meghna Group, chairman of Akiz Group, MD of Bashundhara Group, ACI, MD of TK Group, chairman and MD of Nurjahan Group, MD of S Alam Refined Industries and MD of City Group of Industries for allegedly increasing the prices of flour and the coarse flour in the market.

To manipulate the egg market, cases have been filed against MD or CEO of CP Bangladesh Company, MD of Paragon Poultry, MD of Diamond Egg Limited, Proprietor of People's Feed, MD of Kazi Farms Group Kazi Jahedul Hasan and Amanat Ullah, president of Egg Traders Association.