However, he admitted, there cannot be good governance in the corporate sector, if bad governance prevails in the country as a whole.

The minister also observed that such malpractice is going on everywhere in the world. "Jumbo-scale corruption is going on even in the European and OECD [Organisation for Economic Co-operation and

Development] countries," he mentioned while speaking as the chief guest at the concluding session of a two-day international conference on corporate governance in the city.

The Centre for Corporate Governance and Finance Studies of the Dhaka University, Dhaka Stock Exchange, the OECD and the Asia Foundation jointly organised the event at a city hotel. Dhaka University Vice Chancellor SMA Faiz chaired the session.

Saifur said, "The textile businessmen are pocketing huge sums, taking advantage of the government protection. I've told them, if they continue selling yarn at such high prices, I'll take action against them,"

He termed the textile company owners dishonest, who do not give proper dividends to their shareholders, which is why the share prices of textile companies are so heavily depressed.

The finance minister also questioned the veracity of their financial reports, saying, "I don't trust the auditors. They are the worst element in this case, making fictitious financial reports of the companies."

He dubbed the textile company boards rubbish. The company owners include their brothers and sisters, and brothers and sisters in law in the boards, he alleged.

To correct the situation and protect the interests of the minority shareholders, Saifur said a regulatory body is urgently needed. A regulator can also play a strong role in ensuring truthfulness of the company reports.