Bangladesh: Regulatory Authority Executives Held Hostage Amid Protests
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Synopsis
On March 5, the Chairman and Commissioners of BSEC in Dhaka were held hostage by employees protesting the forced retirement of Executive Director Saifur Rahman. The situation escalated as demands for the chairman's resignation and cancellation of retirement orders were made.
Key Takeaways
- BSEC officials were held captive by employees.
- Protests were against the retirement of Executive Director Saifur Rahman.
- Demands include the chairman's resignation.
- Work stoppage planned if demands are unmet.
- Wider protests across Bangladesh linked to government actions.
Dhaka, March 5 (NationPress) The Chairman and Commissioners of the Bangladesh Securities and Exchange Commission (BSEC), the authority overseeing the nation's capital market, were taken captive by employees of the commission on Wednesday in reaction to the enforced retirement of an Executive Director.
An army unit ultimately intervened to rescue the Bangladeshi officials as the employees persisted with their demonstration against an order that mandated the compulsory retirement of Executive Director Saifur Rahman, as reported by local media.
The protesting officials chanted slogans, seeking clarification regarding Rahman’s forced retirement and issued an ultimatum demanding the resignation of the BSEC chairman, according to Bangladesh's prominent newspaper, Daily Star.
Among the primary demands of the protesting BSEC officials is the annulment of the order enforcing Rahman's retirement. They also called for the retraction of previous notices served to commission employees, an end to the issuance of show cause notices, and a halt to the unprofessional and inappropriate behavior towards the commission's personnel, along with a formal apology.
Commission officials and employees have declared a work stoppage effective Thursday if the BSEC chairman does not resign, reported another Bangladeshi daily, The Business Standard.
A BSEC official, speaking on the condition of anonymity, informed Prothom Alo that they have been trapped in their offices. Many Executive Directors confirmed that junior officials have restricted their movement, insisting on various demands.
Bangladesh has been experiencing multiple nationwide protest movements in recent months, particularly following the swearing-in of an interim government led by Chief Advisor Muhammad Yunus.
Recently, officials from 25 cadres of the Bangladesh Civil Service announced a strike in protest against the suspension of government officers.
The Inter-Cadre Discrimination Elimination Council in Bangladesh declared a full-day work abstention in solidarity with the suspended government officers, who were reportedly suspended simply for voicing their opinions on social media.
