The interim government is preparing to take decisive action against oligarchs who thrived during Sheikh Hasina’s 15-year rule, according to Finance and Planning Adviser Dr. Salehuddin Ahmed. 

Speaking to The Mirror Asia on Saturday, he revealed the government's long-term plan to address the corrupt practices of these powerful business groups.

“Oligarchy,” a term derived from ancient Greek meaning 'rule by the few,' refers to a power structure where a small group holds significant control. 

During Hasina’s regime, several oligarchic groups—including Summit, S Alam Group, Beximco, Orion, and Bashundhara—allegedly gained undue business advantages.

“The government will take stern action against these business groups involved in corruption, bank loan defaults, and money laundering,” said Dr. Salehuddin said, expressing dismay over the rise of these entities, which have severely impacted the country's banking sector.  He also mentioned that a long-term strategy is in place to recover laundered money.

Currently, the interim government is prioritizing the stabilization of commercial and economic activities before determining further actions. Under Hasina’s regime, which maintained power through a reign of terror characterized by extrajudicial killings, disappearances of dissidents, and mass arrests, these business groups were reportedly granted numerous unfair privileges. 

The kleptocratic government provided financial benefits, including tax exemptions, capacity payments in the electricity sector, and policy changes in their favor.

Summit Group, for example, received capacity payments amounting to around Tk 90,000 crore over the past 15 years. Meanwhile, Janata Bank extended substantial loans to Beximco Group, bypassing established rules. 

According to a central bank investigation, Beximco received Tk 21,978 crore from Janata Bank—949.78 percent higher than the bank's capital—despite regulations prohibiting loans exceeding 25 percent of capital to a single customer.  Despite this, Janata Bank honoured Beximco as its best customer for export business in 2021.

Orion Group, on the other hand, has failed to repay any loan installments to government banks, while S Alam Group is widely known for looting public funds, even acquiring eight banks, including Islami Bank of Bangladesh, through sheer muscle power. 

Bashundhara Group also illegally established an oil refinery, benefiting from its favorable relationship with Hasina’s regime.