Bangladesh Bank's timely directive

The directive issued by the Bangladesh Bank to all commercial banks regarding transactions by business concerns even as criminal cases are pursued against their owners is a welcome move. And the first point that needs to be made here is that it should go a long way towards reviving confidence in the economic sector. While it is true that there are criminal charges against a section of businessmen, with many of them abandoning their firms, it is equally true that for the economy to move along smoothly it is essential that business activities continue unimpeded.
There are some rather obvious reasons why it is necessary to observe the working of business organisations and individual businessmen separately. One of them is that allegations or charges against a businessman have all too often created conditions where his organisation, with all its employees, has been rendered ineffectual. One might argue that such organisations ought to have carried on nevertheless. The more realistic view is that when well-known businesspersons are hauled up by the law or are absconding, it is only natural that an element of fear will come into the organisations they have long presided over. It is for reasons such as these that the Bangladesh Bank directive will be seen as reassurance. Treating cases objectively and not subjectively, as the BB circular makes clear, is important. We at this newspaper quite agree with the idea that businessmen who have indulged in corrupt activities must face the law. At the same time, we think that the drive against them ought not to be reason for their business organisations and employees to be pushed into a state of stupor. One cannot but agree with the authorities that the firms led by detained or absconding businessmen can have their affairs conducted as usual by their management committees or boards of directors.
The bottom line is that the drive against corruption in the business sector should not leave a negative impact on business as a whole. It is therefore important that the directives of the Bangladesh Bank be followed in letter and spirit. Additionally, there must be provisions for overseeing an implementation of the directives. Let all this be done, in the national interest.