‘An economy can’t run on emotion; it must run on law’: Amir Khosru

Finance Minister Amir Khosru Mahmud Chowdhury today said the impact of shutting down a company on the country’s economy must be assessed before taking such a decision.

“An economy cannot run on emotion; it must run on law," he said while answering a supplementary question from Noakhali-6 MP Abdul Hannan Masud in the parliament.

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Hannan said, “Bangladesh is now among the world’s champions in loan default. One of the top defaulters, SS Power -- owned by S Alam Group -- was allowed by Bangladesh Bank to open an LC worth $3,197,561. Various companies under S Alam Group currently owe more than Tk 225,000 crore in loans.”

“By giving them special loans, isn’t the government encouraging defaulters? Won’t this discourage foreign lenders in various sectors?” he asked.

In reply, the finance minister said there are certain principles that govern the management of an economy and its financial sector.

The identity of an individual is separate from that of a company, he said.

“It’s a legal entity, a corporate entity. If an individual commits corruption, you can prosecute him, jail him, even sentence him to death. But the company is a legal body -- you must allow its operations to continue, whatever the company may be,” said the minister.

“If the owners are corrupt, they face trial. Those trials are ongoing and will continue. Justice will be delivered for their personal corruption,” he added.