Tata cancelled $3 bn deal in Bangladesh over Tarique’s bribery issue

ZOOMBANGLA DESK: Indian conglomerate Tata in 2005 cancelled USD 3 billion deal after Bangladesh Nationalist Party (BNP) leader Tarique Rahman placed a bribery deal to the Indian company.

Prime Minister Sheikh Hasina’s ICT Advisor Sajeeb Wazed Joy in a post from his verified account on Facebook on Sunday said that the unchecked greed of BNP acting chairman Tarique Rahman and his friend Giasuddin Mamun took a toll on the investment sector of Bangladesh, causing many foreign investors to turn their back.

“Why did Tata pull out of a thousand-crore dollar investment plan at the last moment? How were the youths of Bangladesh deprived of their employment opportunities?” wrote Sajeeb.

The post titled, “Subject – Tata’s Investment”, also incorporated an audio-visual detailing on why Tata pulled out, at the eleventh hour, of the investment plan they were so excited about.

“It was May 8, 2005. Former Energy Advisor Mahmudur Rahman announced that Tata was set to invest three billion dollars in Bangladesh, which would defy all previous foreign investment marks in the country. According to the plan, they would invest in the fertilizer and steel factory sectors in return for an undisrupted gas supply to Tata for 25 years. Tata also offered 10 per cent equity to Bangladesh,” said the video report.

Attending a meeting with the Tata board of directors in India, Tarique Rahman, flanked by his friend Giasuddin Mamun and Silver Selim, wanted to talk to Tata privately. As other directors left, Giasuddin cleared his throat, demanding a 10 per cent commission, a proposal rejected outright by the billionaire philanthropist. Still, Tarique stubbornly dwelled on his demand.

At one point, Tata inquired about the recipient’s bank account, which Giasudding said was in Dubai, Singapore, and Malaysia. Mamun demanded Taka 200 crore in the first phase and Taka 100 crore during the election, the visual report added. (ANI)