Amid recent economic instability, business owners are facing added challenges as certain media outlets disseminate misleading information, targeting various businesses and financial institutions with unverified claims, thus spreading misinformation.
These narratives have intensified media trials, resulting in considerable reputational damage to businesses.
Industry insiders report that these media trials targeting the country's leading business figures, industrialists, investors, banks, and financial institutions are creating public anxiety.
This apprehension has reportedly led many people to withdraw deposits from banks and other financial institutions. They assert that the media trials have contributed to instability not only within the banking sector but across various business domains.
It is believed that media trials have, in part, influenced the current weakness of around ten banks.
Last Monday, an online portal published a report titled, "Bangladesh Bank Appoints Receivers for Nine Industrial Groups," citing the Bangladesh Financial Intelligence Unit (BFIU) as its source.
Several other media outlets subsequently reproduced the report almost verbatim.
However, the BFIU has since denied the accuracy of this report, which stakeholders view as an instance of media trial.
AKM Ehsan, deputy chief of BFIU, clarified that neither the BFIU nor Bangladesh Bank has the authority to appoint receivers, as this is exclusively a judicial function.
He confirmed that no such directive has been issued from either organisation. The online report claimed that receivers were being appointed to manage debts owed by nine industrial groups, with the role of the receivers reportedly being to locate and liquidate collateral properties to repay bank debts.
According to definitions, a media trial refers to the judgment of an individual’s alleged offences by the media or social media outside of the judicial process.
Article 31 of the Bangladeshi Constitution stipulates that no unlawful measures can be taken that could damage a person’s life, reputation, or property.
Additionally, an individual cannot be labelled a criminal without proven guilt.
Stakeholders stress the necessity of impartial journalism, which should solely serve to disseminate accurate information, with no compromise on integrity and factual correctness.
When contacted, former FBCCI president Abdul Awal Mintoo said, "False information damages both investment and employment. When the media publishes incorrect reports, it conveys a misleading message globally, damaging both local and foreign investment. Without investment, employment opportunities diminish. We must remain vigilant to prevent business entities from suffering due to media trials."
Mohammad Faruque Hassan, former president of BGMEA, remarked, "The garment sector is reliant on international buyers and is often subject to media trials, which harm Bangladesh's global reputation."
Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), commented, "During the previous administration, flawed reports led to the creation of misguided policies. We urge all parties to adhere to journalistic guidelines and halt media trials. Biased reporting constitutes irresponsible journalism, harming both businesses and business owners."
Echoing this sentiment, Fazlee Shamim Ehsan, executive president of BKMEA, stated, "One-sided reporting is unethical, whether in politics or business. Publicising information without verification harms individuals on family, social, and economic levels. This is unacceptable. Our businesses operate on public trust—bankers, suppliers, local buyers, and international clients trust us. We have brand value, which suffers when media trials occur."
Editor of the Daily Manabzamin Matiur Rahman Chowdhury highlighted the impact of media trials on the economy, stating, "Media trials do more than tarnish reputations; they have multifaceted negative consequences for the economy. If a business owner becomes the target of a media trial, it could devastate their operations, deter local and foreign investments, and create economic stagnation, leaving many unemployed. The media cannot evade accountability. Therefore, the utmost caution must be exercised before publishing any report. It is the media's duty to uncover and report the truth."
Professor Abu Ahmed, chairman of the Board of the Investment Corporation of Bangladesh (ICB), added, "Reports that may harm trade, business entrepreneurs, or the public should not be published. Business reports are highly sensitive matters. Caution is required to avoid harming business owners through media trials."
