Business associates and partners of Md. Shawkat Ali Chowdhury, chairman of Eastern Bank PLC and a prominent figure in Bangladesh’s banking and industrial sectors, have defended his long-standing business record, describing him as a successful entrepreneur whose investments have made significant contributions to the country’s economy, employment generation and corporate development over several decades.
They made the remarks amid what they described as a campaign of misinformation aimed at damaging Chowdhury’s personal and professional reputation. According to them, false and misleading claims have been circulated through different platforms despite what they say is his longstanding record of regulatory compliance, tax payment and lawful business operations.
People close to Chowdhury said he has built a diversified business portfolio covering banking, ship recycling, logistics, real estate, tea, insurance and several other commercial sectors. They noted that these enterprises have created employment opportunities for thousands of people while contributing to industrial expansion, trade and government revenue.
His associates also highlighted his record as one of Bangladesh’s highest taxpayers. They said Chowdhury has received the Best Taxpayer recognition for 11 consecutive years, describing the achievement as evidence of his commitment to financial transparency and compliance with tax laws. According to them, all applicable taxes relating to his businesses have been paid in accordance with the country’s legal and regulatory framework.
Responding to allegations of money laundering that have appeared in public discussions, Chowdhury’s associates strongly rejected the claims, describing them as baseless and unsupported by credible evidence. They maintained that his tax records include declarations related to overseas business activities and asserted that all such transactions have been conducted in compliance with applicable laws and regulatory requirements.
They further argued that making unverified allegations against established business leaders could undermine confidence in Bangladesh’s investment climate at a time when the country is seeking to attract greater domestic and foreign investment. According to them, protecting the credibility of legitimate businesses is important for sustaining economic growth, encouraging entrepreneurship and expanding employment opportunities.
Beyond the banking sector, Chowdhury has established business interests in several industries regarded as strategically important to the national economy. His associates said his investments in ship recycling, logistics, real estate development, tea production and insurance have supported industrial activity while creating jobs in different regions of the country.
According to them, his business philosophy has consistently focused on integrity, regulatory compliance and long-term investment rather than short-term commercial gains. They believe these principles have enabled his companies to earn the confidence of customers, financial institutions and business partners over many years.
Chowdhury has also maintained a long association with Eastern Bank PLC, having served as a director since the bank’s establishment in 1993 before assuming the role of chairman. Supporters say he has played an active role in policy formulation, strategic planning and institutional development throughout the bank’s growth.
They added that his experience has contributed to strengthening the bank’s corporate governance framework, improving risk management practices and reinforcing customer confidence in the institution.
In recent years, Eastern Bank has accelerated its digital transformation strategy through investments in technology-based banking services, digital platforms and customer-focused innovations. According to bank officials and shareholders cited by his associates, these initiatives have improved operational efficiency while expanding access to modern financial services.
During the bank’s 2025 Annual General Meeting (AGM), shareholders expressed appreciation for the institution’s long-term strategic direction and digital transformation programme. Those familiar with the meeting said continued investment in digital infrastructure was viewed as essential for enhancing customer experience and maintaining competitiveness in an increasingly technology-driven financial sector.
Associates of Chowdhury said his leadership style emphasises transparency, discipline, prudent decision-making and responsible corporate governance. They believe these qualities have enabled both his business ventures and Eastern Bank PLC to maintain stable growth despite evolving domestic and international economic challenges.
They also stressed that entrepreneurs who invest in productive sectors, generate employment and contribute substantial tax revenue play an important role in national development. In their view, preserving the reputation of law-abiding businesses is essential for maintaining investor confidence, encouraging private-sector investment and supporting Bangladesh’s long-term economic ambitions.
Business partners further argued that Bangladesh’s continued industrialisation depends on creating an environment where entrepreneurs can operate without being affected by misinformation or unsubstantiated allegations. They said responsible public discourse and adherence to due legal process are necessary to ensure confidence in the country’s financial and commercial sectors.
Reaffirming their position, Chowdhury’s associates said they remain confident that his decades-long business career, consistent tax compliance and contributions to banking, industry and employment generation demonstrate his commitment to ethical business practices and sustainable economic development.
They maintained that misinformation or unverified allegations would not diminish what they described as his longstanding contribution to Bangladesh’s economy and financial sector.
No independent authority has publicly confirmed the claims made by Chowdhury’s associates regarding the allegations, and any related matters remain subject to applicable legal or regulatory processes.
