special
Keeping up pressure on govt still BNP’s strategy to have quick national election
Although the party has been assured that the election will be held by December this year, BNP policymakers have decided to continue escalating pressure on the interim government to present a clear election roadmap and ensure that no local body elections are held before the national one.
Talking to UNB, some party policymakers expressed concerns that certain quarters may attempt to create obstacles to the national election in various ways, potentially exerting pressure on the government to hold the local body elections first.
As part of the party’s strategy, they said BNP will hold public rallies in 67 organisational districts across the country, starting tomorrow (Wednesday), to demonstrate its popularity and organisational strength.
In light of the current political situation, the BNP leaders said they have already instructed their leaders and activists to remain alert and ensure massive public participation in all rallies, demanding a prompt election and protesting public suffering.
Govt working to arrange polls by December: Fakhrul
Besides, they said, their party will now focus on election preparations, including, first and foremost, the selection of suitable candidates.
Before launching their nationwide rally programme, BNP Secretary General Mirza Fakhrul Islam Alamgir, along with two other senior leaders, met Professor Muhammad Yunus to inform him of the party's stance and views on the upcoming election.
Following the meeting, BNP Standing Committee members convened and held an extensive discussion on the outcome of their one-and-a-half-hour talks with the Chief Adviser.
A BNP Standing Committee member, speaking anonymously, said the interim government assured them that the election would be held by December next. “However, our concerns about the election have not yet been alleviated, as there are still several visible signs indicating a potential delay.”
He said BNP wants the government to keep its commitment by promptly announcing an election roadmap. “So, we have decided to maintain our pressure on the government in various ways, including through street programmes, until a clear election roadmap is presented.”
The BNP leader also said student leaders involved in the Anti-Discrimination Movement and Jamaat-e-Islami are trying to delay the election, exerting pressure on the government to conduct local body polls before the national election.
“But we will not accept any election before the national one. We will thwart any attempt to delay the national election,” he said.
BNP delegation sits with Chief Adviser
The BNP leader said their party will hold rallies in all districts between February 12-25 to stage a massive show of strength and garner public support for their position on promptly arranging the national election.
Another BNP Standing Committee member said there is no alternative to an election to resolve the ongoing crisis. “It seems the government has come to realise this truth. However, a certain party and group are trying to unsettle the government by opposing the national election before the local body polls. BNP will offer all-out support and cooperation to ensure that the government is not swayed by any external pressure.”
“We will ensure the participation of a large number of people in all our rallies to give the government confidence that the majority of the country’s population is behind it in holding the election as early as possible,” he said.
The BNP leader also revealed that their party has started its election preparations with December in mind.
Having already announced its intention to form a national government if it wins the next election, he said BNP has begun initial discussions on how to allocate seats with like-minded parties that have supported them in the anti-fascist movement.
At the same time, he said their party has started talks on selecting suitable BNP candidates for the election.
“Basically, BNP Acting Chairman Tarique Rahman is overseeing this matter. He is determined not to nominate any controversial candidates in the next election. Therefore, we will prioritise candidates with a clean image,” the BNP policymaker said.
Election Roadmap: BNP delegation to meet Dr Yunus Monday
BNP Standing Committee member Khandaker Mosharraf Hossain said the Chief Adviser assured their party Secretary General Mirza Fakhrul Islam Alamgir that the election would be held by December.
“We want to trust this assurance. However, we will remain vigilant and closely monitor the government's activities,” he said.
The BNP leader said they wanted the election to be held by July-August, but the government indicated that it would not be possible to complete preparations by that that time.
“We are giving the government until December to arrange the election. We hope they will keep their promise and announce an election roadmap very soon,” he said.
Mosharraf said once the election roadmap is announced, the people of the country will rise up to thwart any efforts to derail the process. “Thus, the government must focus on holding the national election as soon as possible.”
When asked about the party's ongoing nationwide rallies, he said BNP will continue to hold these rallies to press for various demands, alongside the prompt holding of the national election.
In response to a question, Mosharraf said BNP may share seats with other parties, as in previous elections.
Another BNP Standing Committee member, Mirza Abbas, said an evil force is attempting to delay the election under various pretexts, including holding local body polls before the national election.
“We have fought for 17 years on the streets for a credible national election, not for local body elections. We hope that those advocating for local body elections will reconsider their stance in the interest of the country,” he said.
Fakhrul hails govt for launching ‘Operation Devil Hunt’
Abbas warned that holding local body elections now would provide an opportunity for the fascist Awami League leaders and activists to stage a comeback. “We won’t allow that to happen.”
He also reaffirmed BNP's commitment to supporting the interim government in holding a free, fair, and acceptable election. “But anyone who tries to create obstacles to the national election will be given a fitting reply.”
5 days ago
Why is a defunct company’s share price soaring in the stock market?
Khulna Printing & Packaging Ltd (KPPL) has remained closed for nearly three years—its factory and head office are both non-operational. Yet, its shares are being traded vigorously in the stock market, raising suspicions among investors and relevant authorities.
According to Dhaka Stock Exchange (DSE) records, despite no production activity in the past year, KPPL's share price soared from Tk 7 to a peak of Tk 59.
Currently, each share is being traded above Tk 30.
A review of DSE’s website reveals that the company has no official website.
The web address listed under Lockpur Group is non-functional, and all the contact numbers provided are inactive.
Stock markets open higher in Dhaka, Chattogram
There is no information available regarding company representatives.
A Ghost Company?
A visit to Lockpur Group’s head office in Fakirhat, Bagerhat, confirms that most of its subsidiaries have been shut down for years.
KPPL’s chairman, SM Amzad Hossain, was also the founding chairman of South Bangla Agriculture & Commerce Bank.
During his tenure from 2013 to 2021, the Anti-Corruption Commission (ACC) accused him of bond fraud and money laundering. Eventually, he was forced to resign in September 2021.
In March 2021, the Bangladesh Financial Intelligence Unit (BFIU) froze the bank accounts of Amzad Hossain and his wife. Consequently, the struggling KPPL faced a financial crisis, leading to its effective shutdown.
Former employees of KPPL confirm that the company used to produce packaging for frozen fish and processed food.
Along with KPPL, another subsidiary of Lockpur Group, Bangladesh Poly Printing International, has also ceased operations.
Habibur Rahman, a former employee, states that none of Lockpur Group’s businesses are currently operational.
Stock markets decline throughout week, investors left disheartened
At its peak, KPPL employed around 250–300 workers, but now the factory is completely abandoned.
Irregular Share Trading Raises Questions
In February 2024, a DSE delegation inspected KPPL’s factory in Rupsa, Khulna, and confirmed that production had been suspended.
However, despite being a non-operational company, its shares have become a tool for market manipulation. Over the past month, KPPL’s share price has surged by more than 350%.
An anonymous senior official from a brokerage house in Motijheel reveals that this is not the first time such manipulation has occurred with KPPL’s shares.
A certain group has been exploiting weaknesses in DSE’s software, yet DSE has only issued warnings instead of taking concrete action.
On Tuesday (February 4), the Bangladesh Securities and Exchange Commission (BSEC) directed DSE to investigate the abnormal price movement of KPPL’s shares.
On 2 February, DSE had already sent a letter to KPPL seeking an explanation for the irregular trading, but the company has not responded.
When asked why BSEC has not taken stricter action, Executive Director Rezaul Karim stated that while the commission can issue direct orders, it is DSE’s responsibility to investigate and take action. BSEC is prepared to assist, if necessary.
Investors Aware of the Risks but Still Taking Chances
Discussions with investors indicate that most are aware that KPPL has stopped production and that its shares are highly risky.
Due to a liquidity crisis in the market and their ongoing losses, some investors are willing to take the risk.
Investor Tarek Hossain questions why the regulatory bodies fail to act against such companies. "Investors may make mistakes in decision-making, but why can’t the commission or the exchange house take the right action? Why don’t they delist such problematic companies?" he asks.
A History of Losses
Even when KPPL was operational, it was a loss-making company.
DBA urges extension of special fund for stock market investment
Financial reports show that the company incurred a loss of Tk 7.92 crore in 2019.
While it managed a profit of Tk 6 crore in 2020, its losses soared to Tk 33 crore in 2021.
The company’s latest financial statement from 2022 reports an accumulated loss of Tk 2.31 crore.
Since listing on the stock exchange in 2014, KPPL last paid dividends to investors in 2020—offering a mere 0.25% return.
Why Is KPPL Still Listed on the Stock Market?
Saiful Islam, President of the DSE Brokers Association of Bangladesh (DBA), questions the rationale behind keeping KPPL listed.
"A company that has not been in production for more than six months should not remain on the stock market. Yet, KPPL has been inactive for years, while its shares continue to be manipulated.
DSE should conduct an on-site investigation and remove such companies from the market. Keeping KPPL listed only encourages manipulators," he said.
A senior DSE official, when asked why KPPL has not been delisted, pointed to regulatory constraints. "In the past, when we delisted companies, the commission pressured us to reinstate them, arguing that the delisting process was not systematic. Since then, we have reduced direct interventions in such matters."
DSE Director Minhaj Mannan Emon highlights the lack of quality IPOs over the past decade as a key issue. "Poor-quality companies now dominate the market, creating opportunities for manipulation. It is impossible to manipulate shares of reputable companies like Square or ACI. However, companies like KPPL are destabilising the market and putting investors at risk," he explains.
The Need for a Buyback Law
KPPL’s financial records from 2022 show that 60% of its shares are held by investors, while 39% are with company directors, and 1% belongs to institutional investors.
Given this situation, investors are calling for the implementation of a buyback law for such companies.
DSE has assured that its regulatory division is closely monitoring the situation. Experts believe that after repeated market manipulation and financial failures, there is no room for further irregularities.
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