S Alam Group, one of the country's leading industrial conglomerates, is on the brink of shutting down its factories due to its inability to import raw materials following the freezing of its bank accounts.

This group, painstakingly built over four decades by the collective efforts of entrepreneurs, workers, and officials, now faces a crisis threatening the jobs of over one lakh employees.

Economists and affected workers assert that keeping these factories operational could shield a large number of labourers from joblessness.

Experts believe that the government could implement measures to support the industry, such as engaging with the group's top decision-makers to develop strategies for recovering debts owed to various banks.

This could be achieved by ensuring continued factory operations. If businesses are allowed to function, the group could meet its financial obligations through sustained production and income, stakeholders suggest.

Following the ousting of Sheikh Hasina’s government on 5 August, the interim administration focused on sectoral reforms, including freezes on the bank accounts of several large conglomerates as part of financial sector reforms.

The personal accounts of certain key figures were also frozen, compounding the business hurdles for Chittagong-based S Alam Group, which now struggles with daily operations and opening letters of credit (LCs).

The Bangladesh Bank recently froze the group’s accounts, resulting in delayed salary payments and staff layoffs.

Economist Dr Moinul Islam commented, "The group has taken significant loans from various banks. Measures can be taken to ensure debt recovery while allowing factory operations to continue."

He emphasised the urgency of reopening the closed factories to maintain raw material and equipment imports, preserving jobs and preventing widespread unemployment among factory workers’ families.

Speaking to the newspaper, multiple S Alam Group officials highlighted the grave risk to their jobs, urging the government to keep the businesses afloat to protect the livelihoods of employees.

They cautioned that the management would be unable to sustain salaries if operations remain halted, while importing raw materials could revive production and allow debt repayments.

Otherwise, mass closures and job losses are inevitable, and they appealed for a humanitarian approach from the government.

Founded in 1985, S Alam Group has maintained a sterling reputation, contributing substantially to national employment and consistently paying revenues.

This year alone, it deposited approximately Tk12,000 crore into the state treasury. The group employs over one lakh people in sectors including garments, textiles, consumer goods, corrugated tin, transport, cement, steel, and hatcheries.

It also invests significantly in Bangladesh’s power sector, with the 1,320 MW SS Power Plant in Banshkhali, Gandamara meeting much of Chittagong’s electricity demand.

Exporting garments and textile products earns the conglomerate a considerable amount of foreign exchange annually. It also operates numerous schools, colleges, mosques, madrasas, charities, and orphanages.

During the COVID-19 pandemic in 2020, the group provided substantial support, distributing funds, medical equipment, and food supplies to thousands of families.

For decades, S Alam Group has produced and supplied essential consumer goods, maintaining supply chain stability and helping control prices.

However, the account freeze and lack of LC facilities have disrupted their imports and supply operations.

Economists and business leaders believe replacing such a major contributor overnight is impractical, warning of potential supply shortages and price hikes. Suggestions include supervised import and sales by banks, enabling debt repayment and preventing job losses.

S Alam Group’s Sugar Mill Deputy General Manager, Rafiqul Islam, stated, "The mill has been closed since 31 October due to inability to procure raw materials as a result of frozen accounts."

The Oil Mill’s General Manager, also named Rafiqul Islam, cited similar difficulties, mentioning a two-month shutdown that has directly and indirectly affected 7,000 jobs. He urged the government to intervene and keep factories running.

Nepal has officially started supplying electricity to Bangladesh. Through this, the Himalayan country has exported electricity to a third country after India for the first time. In total, the country will send 40 megawatts of electricity to Bangladesh.

On Friday (November 15), Nepal started sending electricity to Bangladesh via India as per the tripartite agreement. Earlier, the program was started in the presence of the relevant ministers of the three countries in a virtual ceremony.

In a virtual ceremony organized by the Nepal government, Bangladesh's Energy Adviser Md. Fauzul Kabir Khan, Indian Minister for Power and Housing and Urban Affairs Manohar Lal and Nepal's Minister for Energy, Water Resources and Irrigation Deepak Khadka jointly inaugurated the power supply.

An official statement from New Delhi said that this 'historic' moment is the first tripartite supply of electricity, which is being sent through the Indian grid. They hope that this will increase regional cooperation in the power sector.

Nepal Electricity Authority spokesperson Chandan Kumar Ghosh told Chinese media outlet Xinhua that according to the tripartite agreement, Nepal will be able to sell electricity to Bangladesh for only one day in 2024. After that, electricity supply will resume from June 15, 2025.

Since there is no direct electrical connection between Bangladesh and Nepal, this electricity is coming through India's transmission line. However, since there is not much additional capacity in the connection between the Indian grid and the Bangladesh grid, Nepal will be able to send only 40 megawatts of electricity. But if the capacity of the transmission line is increased in the future, Nepal will be able to send more electricity, said spokesperson Chandan Kumar Ghosh.

In May-June this year, Nepal's then Prime Minister Pushpa Kamal Dahal Prachanda announced a tripartite agreement on hydropower supply to Bangladesh during his visit to India. The agreement was later signed on October 3.

The country will send electricity to Bangladesh from its two plants. Of this, 25 megawatts of electricity will come from Trishuli and 22 megawatts from the Chilmi Hydropower Project.

According to the agreement, Nepal will export surplus electricity to Bangladesh through India's internal transmission lines from June 15 to November 15 every year. The unit price of electricity is fixed at 6.4 cents (100 cents to 1 dollar). In Bangladeshi currency, this is about Tk. 7.50. Nepal has been supplying electricity to India since November 2021. They can export this because they generate excess hydroelectric power, especially during the monsoon season.

If the Bangladesh Energy Regulatory Commission (BERC) is strengthened, more than half of the power and fuel sectors can be reformed. Sector stakeholders are not satisfied with the pace of strengthening BERC.

Although the interim government has been in power for 3 months, there has been little visible progress in the fundamental issues of BERC. The light of hope that Fauzul Kabir Khan, Adviser to the Ministry of Power, Energy and Mineral Resources, spread on the first day of taking office (the Special Provisions Act was suspended and the price determination of electricity and gas was canceled by executive orders) is fading out day by day.

On his first day at the ministry, he announced that there would be no more contracts under the controversial special law (the Immunity Act). All work will be done through open tenders. The adviser has kept his word, and even the pressure of many pressure groups could not sway him. He also showed his determination by rejecting the proposal of the American company Accelerate, which was waiting for a contract under the special law.

On the first day, he announced another milestone to strengthen BERC. He announced that the government would not adjust electricity and gas prices through executive orders, but BERC would set the prices. His initiative was widely praised, applauded by consumer organizations including CAB. Within a few days, the clause of adjusting electricity and gas prices was abolished through an executive order on August 27. Many were optimistic that the new BERC would become dynamic and strong. But even after 3 months, the obstacles to strengthening BERC still remain.

In 2003, the Energy Regulatory Commission was formed as a neutral and quasi-judicial institution through the passage of the Act. BERC, formed to ensure the accountability of gas and electricity companies and consumer rights, originally started its journey in 2009. So far, 13 regulations have been formulated. 12 of its regulations have been pending approval for more than a decade.

Although the law has the authority to determine the prices of all types of fuels, BERC has been determining the prices of only gas and electricity as regulations are pending. Section 34(3) states that BERC shall formulate regulations. However, there is a condition that the government can determine them by notification until the regulations are formulated. Since the petroleum regulations have not been approved, the price of fuel oil has been determined through notifications in a hurry. In 2023, the law was suddenly amended and a provision for price adjustment (lower/higher) was added to the executive order. Since then, the quasi-judicial institution has practically become unemployed as the prices of gas and electricity have been determined by executive order.

Sector-related people became optimistic about the initiative of the interim government. Many thought that the regulations would be approved this time. Initiatives were also taken from the Energy and Mineral Resources Division. However, even after 3 months, not much progress is visible.

BERC Chairman Jalal Ahmed told Barta24.com, the regulations were submitted to the ministry even before I joined. I am insisting on approving these after joining. However, the issue of combining the three separate regulations of fuel oil (distribution, transmission and retail sale) has come to the fore. We have sent the three together. I hope that approval will be obtained soon.

In addition to the regulations, there is a clear crisis in manpower. For this, a new manpower structure was created in 2017. In 2014, 200 more posts were created along with the 81 posts approved. The Ministry of Public Administration reduced it to 118. Two years later (in 2019), the Finance Department approved the appointment in two phases. Then another two years passed. In March 2021, the meeting of the Secretary Committee on Administrative Development approved 65 posts in the revenue sector. This mentioned 146 manpower including the previous 81 and the proposed 65 posts.

BERC prepared the distribution of responsibilities for the 146 posts. According to the instructions of the Ministry of Public Administration, the Prime Minister's approval is required for the creation of Grade-3 and above posts. Since there were 4 such posts, it was sent to the Prime Minister's Office on April 5, 2021. The Prime Minister did not approve it and sent it back asking for an explanation of the rationale. The manpower structure was again suspended. After the change in the political landscape, BERC sent it for the approval of the Chief Adviser on August 18. It has been almost 3 months but it has not seen the light of day. Due to which disappointment is increasing again.

On the other hand, after the fall of the Awami League government, Chairman Norul Amin and the members of the commission resigned in the face of the movement of officials and employees at all levels. The interim government appointed only the chairman. As 4 member posts of the commission are vacant, there is stagnation in the commission. It is known that many works are being hampered due to the lack of a full commission.

Former BERC member (administration) Mohammad Abu Faruk told Barta24.com that if BERC is reformed, half of the energy sector will be reformed. If it is given full powers according to the law, a lot of corruption will stop. In many countries, including India, to enter into any agreement, approval from the Regulatory Commission is required. If it can be done in our country too, then they will see whether it is really necessary or not, and whether the price is reasonable or not? If there is a domestic interest, they will approve it. It is possible to save thousands of crores of taka at the macro level.

Former BERC member Maqbul E-Elahi Chowdhury told Barta24.com, the biggest reform will be done if BERC is implemented. If BERC is strong, many corruption and irregularities will automatically stop. It is surprising why the regulations have not been approved even after 3 months.

CAB's Energy Adviser Dr. M Shamsul Alam told Barta24.com, we want to see BERC strong and effective in the future. So far, the government's position on the BERC issue has been very clear to us. They are also determining the price of fuel oil following the path of the previous government. They are speaking in the tone of the previous government. We are monitoring the situation, if necessary; we have obtained the order to announce the price of LPG. The CAB will not hesitate to walk that path on the fuel oil issue.

At one time, the companies used to determine the price of LPG, and when the CAB went to court, BERC was forced to do so.

Consumers said that there is an evil competition for profits among the distribution companies. It has also been seen that the staff of the company received profit bonuses of up to Tk. 18 lakhs per year. In these cases, they had to face some accountability in the public hearing of the BERC. That place was also closed. Public hearings played an indirect role in preventing corruption and waste of the companies. There was a fear that their irregularities would be exposed. But there is no such attention to strengthen that BERC.

Dhaka: The price of gold has dropped again in the country's market. This time, the price has decreased by a maximum of Tk. 2 thousand 519  per bhori. As a result, the price of a good quality, i.e. 22-carat gold, has been fixed at Tk. 1 lakh 36 thousand 189.

The Bangladesh Jewelers Association (BAJUS) gave this information in a notification on Tuesday (November 12) evening.

The organization said in a notification that the new price will be effective from tomorrow, Wednesday.

The notification said that the price of pure gold in the local market has decreased. According to the new price, the price of 22-carat gold per bhori (11.664 grams) will be Tk. 1 lakh 36 thousand 189 . In addition, the price of 21-carat gold per bhori has been fixed at Tk. 1 lakh 29 thousand 995 , 18-carat gold per bhori at Tk. 1 lakh 11 thousand 426  and the price of traditional gold per bhori at Tk. 91 thousand 411.

The notification also states that the government-determined 5 percent VAT and the Bajus-determined minimum wage of 6 percent must be added to the selling price of gold. However, the wage may vary depending on the design and quality of the jewelry.

Earlier, Bajus had last adjusted the price of gold in the country's market on November 7. At that time, the organization had reduced the price of a 22-carat gold bhori by Tk. 3,453 to Tk. 1,38,708. In addition, the price of 21-carat bhori was fixed at Tk. 1,32,398, 18-carat bhori at Tk. 1,13,491 and the price of traditional gold per bhori at Tk. 93,160 which came into effect from November 8.