Humam Quader Chowdhury is a member of the Bangladesh Nationalist Party (BNP) Executive Committee and the son of the late BNP leader Salahuddin Quader Chowdhury. He is also managing his family business. He recently shared his thoughts with The Mirror Asia (TMA) about the current business environment under the interim government and the impact of the previous Awami League regime.

TMA: The tax administration has barred share buying and selling for seven major companies, including Bashundhara, Orion, and Nagad. Recently, Salman F. Rahman revealed during interrogation that half of the money smuggled by S Alam Group went to Sheikh Rehana and Sajeeb Wazed Joy. What are your thoughts on this?

Humam: I believe it’s a positive initiative by the interim government. These companies are legally operating in the country, but they should be publicly declared as wrongdoers. Only then can they be labeled as financial criminals involved in irregularities. Obaidul Karim of Orion Group has received a 48-year prison sentence, yet he managed to evade jail for a long time. The perception of these companies as corrupt is largely shaped by public opinion. I appreciate the Yunus government for initiating this investigation.

The main motive of those connected to Hasina’s regime seems to be selling off these companies and fleeing the country. Corrupt businessmen might evade accountability by aligning with someone in the interim government or by selling to organizations tied to Jamaat-BNP. It would be good if the government intervened to recover public funds.

Nagad, for instance, is reportedly a significant looting enterprise. I've heard they have Tk 600 crore in the market, all of which is people’s money. They have raised funds by selling bonds but have invested nothing back in Bangladesh, using the money instead to build properties abroad. It is the responsibility of the Bangladesh Securities Exchange Commission to ensure that funds taken from the market are reinvested domestically. Yet, none of the businessmen associated with the Awami League are following corporate regulations. They should all be held accountable and imprisoned for their irregularities.

Regarding former Land Minister Saifuzzaman Chowdhury Javed, he may avoid repercussions, but Al Jazeera's report on his corruption made us aware of him. Our political landscape suffers because action is often only taken after media exposure.

TMA: There is much talk about recovering laundered money. What’s your view on that?

Humam: The Awami League has repeatedly claimed that bringing back laundered money is impossible—this is a misguided assertion. However, Mr. Yunus has engaged with relevant global organizations that have expressed their willingness to assist in recovering these funds.

TMA: How do you suggest this laundered money can be repatriated?

Humam: Javed’s numerous properties and Bashundhara’s assets in the UK should be auctioned off. While this process may take time, I propose using the proceeds to establish a sovereign wealth fund. The interim government could then secure a loan against this fund. Bangladeshi businessmen could open letters of credit (LCs) against this line of credit without needing to spend foreign currency, similar to practices seen in other countries with sovereign funds.

In countries like Switzerland, repatriating funds is straightforward; while we have limited business there, we maintain extensive trade relations with the UK and the USA. If approached creatively, there are many avenues available for recovery. Ultimately, political will is essential.

TMA: How is your family business faring?

Humam: The concept of "business" has been nearly absent from our lives over the past 16 years. Our shipping business has been stagnant. During the Awami League's time in power, if we approached banks for funding, we were often turned away. They would question our presence in their offices. This exclusion is not unique to us; many BNP-affiliated individuals faced similar treatment. We have made considerable efforts to continue, and with Allah's help, we persevere. The people have also been supportive.

TMA: Many businesses have flourished by colluding with the Awami League. What are your thoughts on this?

Humam: While many have allied with the Awami League, we chose not to engage in such dealings. We didn't want to be part of the corruption associated with their regime. My father (Salahuddin Quader Chowdhury) left us with nothing but love and respect. A gentleman who has been integral to our shipping business for 40 years was detained by the CID just before the student-people-led movement.

TMA: How would you assess Bangladesh’s economy during the two months of the interim government?

Humam: The interim government is struggling to govern effectively. Imagine a car whose engine has been off for an extended period; it takes time to restart. Over the last two months, most operations have ground to a halt. The previous government misled us about the health of the economy, claiming ample reserves and well-functioning banks. Now, the sad reality is unfolding, revealing the truth about our banking sector.

During this interim period, banks have indicated that they lack funds. We’ve been forced to open LCs with a 30% margin, and businesses now understand the gravity of the situation. To support the country, many are prepared to open LCs with 60-70% margins. Although the cost of daily essentials has risen, people accept this burden because they know students and people sacrificed for our freedom.

Currently, profits are minimal, but we endure the hardships. Remittance inflows have increased since Hasina’s ousting, as people are more willing to send money to Yunus than to her. Reports suggest that many large enterprises are closing during this government’s tenure, yet there’s little clarity on who is behind these closures.