Evidence have been found of importing and selling rotten, adulterated, and low quality items. There have been allegations that many businessmen have evaded huge amount of taxes with the patronization of corrupt politicians, government officials, and even the external auditors.

There is strong perception among the general public that dishonest businessmen manipulate the supply of essential commodities to create artificial price hike. While the allegation is true for some offenders, it has hurt the overall honest business community, and, to be candid, thrown the entire business community into a challenge.

Some of the allegations about hoarding, selling adulterated food, and evading taxes are very much true. But in many occasions the allegations about price manipulation do not take into account the price rise in the international market, keeping a respectable spread/margin for all stakeholders engaged in the trade or business, the role of other agencies like customs, C&F agents, PSI companies, godown keepers, and are thereby to a great extent exaggerated.

However the broader issue is that the general confidence of the public about the ethics of business community has eroded significantly which helps the exaggeration to prevail. The erosion of confidence is bound to hurt the majority of honest businessmen and ultimately create obstacles in the growth process of the economy.

All of these should have given a serious wake up call for the leaders of the business community to think in deep details and device a sustainable strategy to encounter the issues or face the challenges being thrown in their way.

Let us not be pretentious and admit upfront that, while the erosion of public confidence is an issue, we cannot deny the existence of many unlawful practices in our business dealings. Not only are the above-mentioned practices prevalent, but we also observe that most businesses do not pay taxes, as they are required by the law to do.

Most businesses hide their income and wealth in the financial statements. Many of them do not produce financials or posses any Tax Identification Number (TIN). Some businesses pay bribe and enjoy unlawful benefits. Often many businesses take illegal connection of electricity, gas and other utilities and deprive the public exchequer.

They take insurance coverage, but don't pay the premiums. They take loans, but don't settle their dues in time, or at all. Most of them don' take care of their employees well. Their contribution to the society or community is no way near to what the community or society give to them or is extremely insignificant. The list can go on further.

The bigger issue is that not only are these illegal activities prevalent, but also that the corrupt persons are never punished for their misdeeds. In many cases the unlawful practices have become the general norm. The lack of transparency and accountability prevents the honest businessmen to survive in the mainstream of economic activities.

While admitting to the lack of transparency and accountability, most business leaders blame it on the government, the politicians and the over all system. While there is a great deal of truth in that argument, the business community cannot just take shelter under that and avoid responsibility.

Business leaders would have to realize that for their own sake, they would have to enhance the level of corporate governance. They simply cannot just point fingers towards the government and politicians and wait for the system to change.

They have to bring self-regulating gestures and contribute towards creating an environment that is transparent and satisfying to all the stakeholders (employees, shareholders, regulators, clients and the society as a whole). Their efforts to bring clarity and accountability will not only create trust in public eye, but will also help the private sector.

Business leaders of our country must realize that our private sector is no longer at an infancy stage. It has been almost three decades that the private sector has flourished. While in the early stages, it may have been acceptable to consider some deviations, now the business entrepreneurs simply have to grow up. They need to take leadership in enhancing their corporate governance.

Without adequate corporate standards, not only they will lose their credibility in public eyes, but will also be unable to facilitate their future growth into the next trajectory. To grow further and become globally competitive, our businesses must adhere to appropriate standards.

Otherwise, they will not be able to reach the international capital market to raise funds like their international competitors, which is essential to finance the future growth. In order to compete with foreign companies, they need to be better than them or at least be equal to them in all standards.

If they keep on evading taxes, the future governments may be forced to award most of the contracts and licenses to international operators with reputation and corporate practices, in order to keep them going and finance the public priorities.

Lack of corporate governance will dissuade potential foreign investors to come in and take a long-term view on Bangladesh or get into any kind of strategic alliance with its business community. In these circumstances, our businesses will only move around the vicious circle of mediocrity and continue to be mistrusted by the general people at large. This is not at all good for our economic development.

It is high time for our business leaders to realize that proactive measures are needed to bring in transparency in our private sector activities. The general people observe that the business leaders, individually and in groups, on many occasions, demand various measures like tax exemption, policy support from the government, protection for sick industries etc, but they are nowhere to be found when a big business group is caught in selling adulterated or expired items or involved in huge tax fraud.

People wonder whether the various chambers could not have taken any action against these corrupt businessmen, who are mostly their members. This profound lack of accountability creates mistrust among the general people and destroys the credibility of the business community's legitimate demands.

Since they are not interested in anything other than profit, not seen engaged in sharing their successes with the broader stakeholders, contributing legitimately to the national exchequer, sharing wealth with the common people in the form of charity or corporate social responsibility (unless they are running for a parliament seat!); when they are in deep soup, nobody comes forward as their friends.

Leaders of our business community must guide our growing private sectors from a backward reactionary viewpoint to a progressive futuristic vision. They must realize that implementing appropriate corporate standards is not a barrier towards growing business, but an essential tool for a prosperous future.

Lack of governance reduces the business community's credibility and curtails their ability to have a more legitimate right in shaping the development policy of our economy. In their absence, some inappropriate forces or quarters who have no stake in the development of our economy take the lead and prescribe policies, which are actually narrow in vision and detrimental for the country.

We all would expect that the current catastrophe, would genuinely give a wake up call to our business community, allow them to look back, do a soul searching and implement minimum possible corporate standards appropriate for a forward looking community or country.

The writer is a banker.