Move to freeze share transfers of major conglomerates

The National Board of Revenue (NBR) has requested a ban on the sale and transfer of shares of seven prominent business groups in Bangladesh, raising concerns of potential tax evasion.

In a formal communication to the Registrar of Joint Stock Companies and Firms (RJSC), the NBR sought to temporarily freeze the assets of S Alam Group, NASSA Group, Bashundhara Group, Orion Group, Summit Group, Beximco Group, and Third Wave Technologies Ltd (Nagad Ltd).

This move comes as part of the NBR’s broader efforts to clamp down on suspected tax irregularities.

The conglomerates may have benefitted from undue advantages during the tenure of the deposed leader, Sheikh Hasina, raising questions about the legitimacy of their financial dealings, analysts say.

According to sources, the tax administrator has called for immediate measures to prevent the transfer or sale of shares in these companies while investigations are ongoing.

The decision to attach the assets aims to safeguard potential revenue losses to the state, a critical step as authorities attempt to close loopholes in corporate tax compliance. The targeted companies represent some of the country’s largest conglomerates, spanning industries from telecommunications to real estate and energy.

Under the Interim Government, the development signals an aggressive shift in Bangladesh’s tax collection strategy, with the NBR focusing on major corporate players.