�MONEY LAUNDERING�
GP under ACC probe
STAFF REPORTER
Anti Corruption Commission (ACC) has initiated an investigation into the alleged money laundering by Grameenphone, the largest mobile telecommunications operator in Bangladesh. An ACC team lead by its Deputy Director Mozahar Ali Sarder has started its proceedings and already sent a letter to the telecoms operator seeking relevant documents from it.
Inquired by The Independent whether the company has received any such letter, the Grameenphone (GP) authorities, on Wednesday, acknowledged that GP has received a letter from the ACC and that it was extending all necessary cooperation to the commission.
We have received a letter from the ACC requesting some documents for their investigation based on certain news and articles from a particular media group, said a statement issued by the GP authorities.
Grameenphone has been and will cooperate with the ACC in the course of any lawful investigation, the statement added.
Contacted, ACC Commissioner M Shahabuddin Chuppu said the anti-graft watchdog will file a case against Grameenphone as per the existing law if the initial probe by the commission finds concrete evidence of irregularities by the telecoms operator.
The ACC probe has been initiated after several reports were published in newspapers accusing GP of laundering Tk 7,500 crore from the country.
According to ACC sources, GP, listed with stock exchanges, illegally sent Tk 7,500cr to its mother company Telenor between January 2010 and June 2015. This laundering of money forced the GP business in Bangladesh to be heavily dependent on loans, the sources added.
Besides the alleged money laundering, GP is also accused of resorting to anomalies in declaring dividends for its shareholders for six years in a row.
Past records of GP
GP was fined on two occasions in 2007 and 2008 for offering illegal VoIP services, compelling the company to pay Tk 418 crore to the telecoms regulator. Following the VoIP scam, GP top management had to go through a major reshuffle to retain its licence to operate in Bangladesh.
More allegations pending against GP
(1)According to a 2010 audit report initiated by the BTRC, GP has also not paid Tk 3,034 crore in taxes, and concealed certain information, including the number of its subscribers, to evade tax. The report was contested by the telecoms operator that led to litigation in the High Court. As per observation of the final verdict of the case, BTRC will now appoint a new audit firm to reassess tax evasion by GP.
(2)According to a report of the Comptroller and Auditor General (CAG) submitted in parliament on September 8 last year, the government has incurred a loss of Tk 19.20 crore over three fiscal years by realising licence fees at a lower rate, instead of the fixed rate, while leasing out Bangladesh Railway (BR) lands to GP.
Under the Land Management Policy 2006, licence fees were fixed at Tk 335 and Tk 223 per sft of land respectively in divisional towns, and in district and other town areas. However, BR realised the licence fee from GP at Tk 16, Tk 8 and Tk 6 per sft of railway land in Pakshi area in the western region in the fiscal years 200708, 200809 and 200910. According to the audit report, this caused huge revenue losses to the tune of Tk 19,20,46,139. Again the GP authorities have filed a writ petition with the High Court, challenging the new enhanced rates of licence fees. The issue is now pending.
GP ownership structure
GP is a joint venture between Telenor (55.8%), the largest telecommunications service provider in Norway having mobile phone operations in 12 other countries, and Grameen Telecom Corporation (34.2%), a non-profit organisation of Bangladesh. The other 10 per cent shares belong to retail and institutional investors.
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