When a few individuals, gain control of the country's economy through direct patronage, known as oligarchs. Their influence is pervasive, from shaping policies in their respective fields to controlling markets. Over the past fifteen years, several significant businessmen have thrived under the state's unrestricted patronage during the tenure of the Awami League government. A substantial portion of the country's economy is under their control and that of their owned industrial groups. After the fall of the AL government, many of these oligarchs have disappeared from the public eye. Some are also living under the fear of arrest or asset confiscation.

Among the business people who have established significant control over the economy as oligarchs over the past fifteen years are Salman F Rahman (Beximco Group), Mohammad Saiful Alam Masud (S Alam Group), Muhammad Aziz Khan (Summit Group), Ahmed Akbar Sobhan (Bashundhara Group), Mohammad Obaidul Karim (Orion Group), and Md Nazrul Islam Mazumdar (Nasa Group).

Among them, Salman F Rahman was the private sector and investment advisor to the ousted Prime Minister Sheikh Hasina. In addition to being the Vice Chairman of Beximco Group, he was also the Chairman of IFIC Bank. Beximco Group, which includes the top pharmaceutical company Beximco Pharmaceuticals, has over 30 companies in various sectors, such as textiles, ceramics, real estate, construction, trading, seafood, information and communication technology, media, and power and energy. Salman F Rahman, one of the key figures of the group, was arrested in connection with a murder case following the fall of Sheikh Hasina's government and is currently under a 10-day remand.

Salman F Rahman, for instance, is accused of expanding his business by formulating and implementing policies for the economy and trade from a ministerial position in the government. There are allegations that he alone took the decision to distribute loans as the bank chairman and took loans in his own name. Beximco group's debt in the country's bank sector is at least BDT 560 billion. A large part of it is at risk of default, bankers said.

Mohammad Saiful Alam Masud, the head of S Alam Group, also has substantial control over the financial sector. He established dominance over at least seven private banks in the country. According to insiders, his companies not only controlled the banking sector but also became the largest borrowers. There are allegations against S Alam Group's entities for taking over BDT 1 trillion in loans from more than two dozen banks, both under their own name and various aliases. The group also has a monopoly in the import market for consumer goods and has made significant investments in multiple sectors, including electricity. There are accusations that Saiful Alam exerted influence over many policy decisions at the Bangladesh Bank, including the appointment of the governor and deputy governors.

Muhammad Aziz Khan, Chairman of Summit Group, controls a large portion of the country's power sector. The group independently manages nearly 18 percent of the total electricity production capacity in the private sector, a dominance established mainly over the past fifteen years. Orion Group, led by Obaidul Karim, has emerged as a significant influence in various sectors, including power and gas. It is known that the group had close ties with top leaders of the AL government.

Ahmed Akbar Sobhan's Bashundhara Group has a monopoly in various sectors, including land development and housing. Md Nazrul Islam Mazumdar has been the Chairman of the Bangladesh Association of Banks (BAB) for 16 consecutive years and also holds the position of Chairman at EXIM Bank. According to information from the Bangladesh Bank and various banks, the outstanding loans of these six groups, which wield a monopoly over the country's economy, now exceed BDT 2 trillion. The institutions claim to have employed over 2.5 lakh people through their operations.

Economists and experts caution that removing the influence of oligarchs from the economy is a complex task. The government must take decisive and mature measures. If the opportunity for these oligarchs to accumulate wealth unchecked remains in the national economy, the financial sector and market management issues will persist as before. Conversely, there is a substantial risk that hasty actions, without considering the potential impacts on the economy, could exacerbate crises such as market collapse and inflation.

Similar to Bangladesh, there are many instances worldwide where large industrialists have flourished under the direct patronage of those in power. However, in this regard, only South Korea's chaebols have so far played a positive role in the economy. The country's former military ruler, General Park Chung-hee, established a wealthy conglomerate through state patronage with a long-term goal and plan to transform the economy fundamentally. During his rule in the 1960s, family-based private sector enterprises were given subsidies, incentives, tax breaks, easy financing, and various other government benefits. Additionally, these enterprises were ensured to engage in regular research and development across all aspects of business, including products, services, and management. Emphasis was also placed on building a social foundation for business.

In addition, the state encourages the expansion of businesses beyond national borders into the international arena. State benefits ensure the growth of these enterprises, and government policies and oversight guarantee that these companies contribute to the country's sustainable economic growth, foreign exchange inflows, and social welfare. As a result, businesses expand their scope and evolve into global giants. These family-run businesses are known in South Korea as chaebols (chae = wealth, bol = clan). Nearly all South Korea's global giant brands, such as Samsung, Hyundai, LG, and Lotte, are successful examples of chaebols. These companies have played a crucial role in the country's export earnings and large-scale employment generation. They are credited with being the primary drivers behind South Korea's emergence as one of the world's major economies.

Chaebols have turned government policy support received during times of crisis into profitable investments for the economy. Around 1997, one of the country's largest chaebols, Hyundai, faced a business crisis. At that time, the government supported Hyundai with policy assistance. As a result, the group quickly recovered from the crisis. Hyundai is now recognized as the world's third-largest automobile manufacturer.

The Awami League came to power in 2009. Due to close connections with high-level officials of the then government, several entrepreneurs and their companies gained opportunities for market dominance. At that time, economic policymakers argued that with government patronage, these companies would play a significant role in the country's economy, similar to chaebols.

However, over the past fifteen years, these companies have not established any large-scale commercial operations internationally akin to South Korean chaebols, nor have they transformed into 'Bangladeshi conglomerates.' Instead, they have established monopolistic control over the domestic market and financial sector by leveraging legal and policy advantages. Some have even faced allegations of plundering resources and smuggling them abroad with government patronage.

Former Finance Secretary and Comptroller and Auditor General (CAG) Mohammad Muslim Chowdhury believes that "the South Korean examples may not be highly applicable to Bangladesh. This is because Korean businesspeople had a strong patriotism and did not siphon off assets abroad. However, a large portion of our business groups is accused of money laundering abroad. This has happened due to the failure of regulatory agencies."

Muslim Chowdhury says, "In India, laws have been enacted to prevent corporate individuals from joining bank boards. But in our country, business people, lenders, and borrowers have become indistinguishable. Ownership of all banks has gone into the hands of businesspeople. The entire financial sector is in a state of disarray. In the current situation, criminals must be apprehended. At the same time, it is important to ensure that the economy does not collapse. We must ensure that institutions and industries do not shut down."

In the 1980s, Mohammad Saiful Alam Masud began his corporate career with a limited-scale trading business, later becoming widely known as Saiful Alam. He founded S Alam Group. Although the group has been on a path of growth since its inception, its significant rise occurred over the past fifteen years. During this period, S Alam has become one of the key players in the country's consumer goods market and has established monopolistic control in the banking sector. Over the past decade, the group has gained complete control of at least seven private banks, including Islami Bank Bangladesh. The group also holds dominance in financial institutions and the insurance sector.

Currently, S Alam Group oversees more than fifty companies. The group has a monopoly in importing, processing, and marketing essential consumer goods such as cooking oil, wheat, and sugar. Additionally, S Alam is involved in various sectors, including steel, cement, shipping, transportation, tourism, real estate, and power and energy. According to the group's data, over 1 lakh employees work in its controlled banks and other institutions.

One of the major establishments of S Alam Group is a 1320-megawatt coal-fired power plant located in Banshkhali, Chattogram. Known as the SS Power Plant, it was set up as a joint venture between S Alam Group and a Chinese company. S Alam Group holds 70 percent ownership of the plant, while the remaining 30 percent is owned by the Chinese company SEPCO III. The total investment in the power plant is approximately 2.6 billion dollars.

Executives from several banks that have provided large loans to S Alam Group and its controlled banks told  Bonik Barta that there are thousands of crore taka in hidden loans within these banks, with S Alam Group being the primary beneficiary. The Bangladesh Bank's first responsibility is to identify these hidden loans and include them in S Alam's Credit Information Bureau (CIB) records. The assets within the country must be shown as collateral against these loans. If electricity imports are stopped and S Alam's Banshkhali power plant is kept operational, a significant portion of the bank loans could be recovered.

One of the major corporate groups in the country's private sector is Bangladesh Export Import Company Limited, commonly known as Beximco Group. The group was founded in the year after independence by two brothers, Ahmed Sohail F Rahman and Salman F Rahman. The group has investments and business operations across various sectors, including textiles, pharmaceuticals, ceramics, real estate, construction, trading, seafood, information and communication technology, media, power and energy, and the financial sector. According to Beximco's data, the group currently employs 70,000 people. Its annual revenue exceeds 2 billion dollars, and it operates more than 30 companies in different sectors. The group has a significant presence in the domestic and export markets. Particularly, Beximco Pharmaceuticals, Shinepukur Ceramics, and Beximco Synthetics Limited have shown notable business success. Bank executives say that efforts must be made to recover loans from Beximco Group while keeping the successful companies operational.

One of the key figures in the country's power and energy sector is Muhammad Aziz Khan, the founder of Summit Group. Over the past fifteen years, not only has Summit Group's business grown, but the wealth of its founders has also significantly increased. Summit Group is interested in the power, port, fiber optic, and infrastructure sectors in Bangladesh. Under Summit Power International, registered in Singapore, the group operates its power business, as well as floating storage and regasification units (FSRU) and an LNG terminal through Summit Oil and Shipping Company. Additionally, the group is involved in port operations through its listed company Summit Alliance Port, fiber optic and information technology business through Summit Communications, and real estate investments.

Born in 1955, Muhammad Aziz Khan began his entrepreneurial journey at the age of just 18. With an initial capital of BDT 30,000 borrowed from his father, he started his business in 1973 by making shoes in Old Dhaka with a few friends while he was still a student. He supplied a portion of these shoes to Bata Company. In addition to shoe manufacturing, he also began importing PVC (polyvinyl chloride). For over two decades, he was involved in the trading business.

In 1997, Muhammad Aziz Khan established Summit Power Limited, a leading independent power producer (IPP) in the private sector. According to the company's annual report, Summit's three power plants began production in 2001 with a capacity of 33 megawatts. By 2008, this capacity increased to 105 megawatts. From 2009 onward, the company entered into successive power purchase agreements with BPDB. Initially, Summit Power produced electricity through quick rental and later through IPP setups. Over the past decade, Summit Power has been the predominant supplier of electricity to BPDB from the private sector. Concurrently, the company's profits and assets have grown significantly. During this period, Summit Group also received permission to operate in Singapore. Currently, Summit's Chairman, Muhammad Aziz Khan, is listed among the top 50 wealthiest individuals in the country. According to the latest Forbes ranking of Singapore's top billionaires, Aziz Khan is in the 41st position, with a net worth of 1.12 billion dollars.

Currently, Summit Group operates 14 power plants in the country. The group's total power generation capacity is 2196 megawatts, accounting for approximately 18 percent of the private sector's power generation capacity in Bangladesh.

Currently, Summit Group operates 14 power plants in the country. The group's total power generation capacity is 2,196 megawatts, accounting for approximately 18% of the private sector's power generation capacity in Bangladesh.

Like Summit Group, Orion Group is also a significant player in the country's power sector. The group's six power plants have a combined production capacity of 611 megawatts. Besides the power sector, Orion has investments in pharmaceuticals, cosmetics and toiletries, infrastructure development, real estate, and engineering. The group's Chairman, Mohammad Obaidul Karim, was known to be closely associated with the Sheikh Hasina government. It is said that this closeness allowed Orion Group to become the country's first private investor in major communication infrastructure projects. For example, the Hanif Flyover in the capital was constructed through Orion Infrastructure Limited.

On Monday, the Bangladesh Bank issued a directive to the state-owned Sonali Bank to classify the BDT 1.06 billion loan of Orion Infrastructure Limited as non-performing. This action was taken because the company has repeatedly failed to repay the loan despite numerous extensions. The central bank has also instructed Sonali Bank to properly categorize the loan and submit a report to the Credit Information Bureau (CIB) by August 22.

The largest company in the country's land development and real estate sector is Bashundhara Group. The group has investments across various sectors including cement, paper, steel, LPG, and consumer goods. Since the fall of the Sheikh Hasina government, the group's Chairman, Ahmed Akbar Sobhan, has largely remained out of the public eye.

Dr Fahmida Khatun, Executive Director of the private research institution Center for Policy Dialogue (CPD), says, "Over the past fifteen years, there has been no opportunity to conduct business honestly in the country. A few businessmen controlled the import of goods and sold them at inflated prices. As a result, even when international prices dropped, the benefits did not reach the people. It is now time to introduce competition into the market system. However, it is important to ensure that this does not harm supply chains. If necessary, the government should take the initiative to import goods itself."

Since 2008, Mohammad Nazrul Islam Majumdar has served as the Chairman of the Bangladesh Association of Banks (BAB), a position he has held for 16 consecutive years. He has also been the Chairman of the private sector's EXIM Bank for an extended period. As the head of the leading textiles and ready-made garments company, NASA Group, he is known to be closely associated with the Sheikh Hasina government.

There are allegations that Mohammad Nazrul Islam Majumdar played a significant role in amending the Banking Companies Act to establish 'family-based control' and 'permanent arrangements' in the sector. He is also accused of leveraging bank CSR funds to obtain benefits by donating blankets and hundreds of crores of taka to former Prime Minister Sheikh Hasina's relief fund.

When asked about the overall situation, Dr Salehuddin Ahmed, the interim government's advisor on finance and commerce, told Bonik Barta, "The interim government is committed to combating corruption in the financial sector and restoring good governance. All necessary measures will be taken in this regard. A decision has already been made to form a banking commission. Reforms will be implemented based on the commission's recommendations. Monitoring and oversight have been increased to control product prices, and efforts are being made to reduce price disparities at every stage from import to marketing."