FBCCI demands punishment manipulators of egg market

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) today demanded the government taking punitive measures against the manipulators in the egg market.

The FBCCI leaders came up with this demand at a discussion meeting on essential commodities held at the FBCCI Bhaban in the capital today, reports BSS.

Joining the meeting virtually, FBCCI President Md. Jashim Uddin said that the price of an egg went up by Taka three overnight and later went down again right after the drive of the government agencies which clearly means that there was a certain manipulation.

Hence, he urged the Directorate of National Consumers Right Protection to go for punitive measures against those who are liable for the recent price hike of eggs.

Jashim said in Bangladesh, it's a common trend of raising prices in line with the global market. "But when the price declines in the global market it doesn't reflect here. A handful of businessmen utilized this opportunity," he said.

He noted that honest businessmen should find out the unscrupulous traders.

The chief of the country's apex trade body said it is also the responsibility of the businessmen to find the culprits. He also urged the government to break the monopoly through implementing the laws of the land.

Director General of the Directorate of National Consumers Right Protection A.H.M. Shafiquzzaman noted that the manipulation in the egg market was clear and those who had committed it, depraved the whole business society.

He said the price of eggs declined by Taka 30 to 35 in a 3-day drive, proving that a quarter manipulated the market mechanism.

The Director General also warned that his office would sue those unscrupulous traders.

Senior vice president Mostofa Azad Chowdhury Babu said the market manipulation raised questions on business ethics. "It distorted the image of the business community. If there was any breach of law, any inconsistency, the government must take punitive measures and the FBCCI would stay by the government."

FBCCI vice president Salahuddin Alamgir said the businessmen met the people's demand for protein by supplying eggs and chickens. However, a few dishonest businessmen destroyed this sense of achievement and honor.

He also called for shunning the tendency of making excessive profit to regain the trust of the society.

In the open discussion, editor of Voktakontho Quazi Abdul Hannan, Leaders from Breeders Association, Egg Producers Association, Multipurpose Association, Egg traders, and officials from Corporate Companies spoke at the meeting.

FBCCI vice president Md. Amin Helaly, Md. Habib Ullah Dawn, FBCCI directors and secretary general Mohammad Mahfuzul Hoque were also present at the meeting.