Bangladesh lost Tata’s $3 bn investment in 2005 over Tarique’s bribery deal: Joy

[Black_cats]

Published on 09:34 PM, February 28, 2022

Bangladesh lost Tata’s $3 bn investment in 2005 over Tarique’s bribery deal: Joy​

File photo of Sajeeb Wazed Joy.
BSS, Dhaka

Indian business icon Ratan Tata backtracked on an almost-approved USD 3 billion investment plan in Bangladesh in 2005, turning down a bribery deal placed by BNP leader Tarique Rahman, observed Prime Minister Sheikh Hasina's ICT Advisor Sajeeb Wazed Joy.

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, Sajeeb wrote in a post from his verified account on Facebook on Sunday, as part of his take on the BNP-Jamaat rule between 2001 and 2006.

"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 audiovisual 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 percent 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% 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.

Bidding farewell to Tarique and Mamun, Ratan Tata sent a note on the meeting to a government official concerning the matter, which was even relayed to the then Indian Prime Minister Manmohan Singh, the report further said, adding that then Tata formally pulled out of the project.

Bangladesh lost Tata’s $3 bn investment in 2005 over Tarique’s bribery deal: Joy

Indian business icon Ratan Tata backtracked on an almost-approved USD 3 billion investment plan in Bangladesh in 2005, turning down a bribery deal placed by BNP leader Tarique Rahman, observed Prime Minister Sheikh Hasina's ICT Advisor Sajeeb Wazed Joy.

www.thedailystar.net

 

[Tom-tom]

Wheres the bnp fan boy?

On the flip side It might have been a blessing in disguise, a large powerful Indian conglomerate having that much sway in Bangladesh might not have been a good thing.

 

[Arulmozhi Varman]

Wheres the bnp fan boy?

On the flip side It might have been a blessing in disguise, a large powerful Indian conglomerate having that much sway in Bangladesh might not have been a good thing.

Good way to "scare" any investors. Tata's have a pretty clean image unlike the Ambanis. I believe BD could have a developed local auto sector if Tata's had their first investments done successful.

 

[Tom-tom]

I was wondering if theres any knowledgeable bdeshis here that will go into deep analysis if this investment would have been a good thing or bad thing.

Also taking into account the raising geopolitical pressures that bdesh finds its self with the Indian-u.s - quad camp.

The old regime of Manmohan Singh this investment may have been good but what would have happened under modi?

Would modi pressure and threaten tata to sabotage and bully bdesh?

 

[Wood]

I was wondering if theres any knowledgeable bdeshis here that will go into deep analysis if this investment would have been a good thing or bad thing.

Also taking into account the raising geopolitical pressures that bdesh finds its self with the Indian-u.s - quad camp.

The old regime of Manmohan Singh this investment may have been good but what would have happened under modi?

Would modi pressure and threaten tata to sabotage and bully bdesh?

Modi is not a movie villain

 

[Tom-tom]

Modi is not a movie villain

Nah he's just Hitler Hindu disciple

 

[TNT]

To be fair it was tata's loss. Bangladesh economy flourished after 2005. They would have made huge profits.

 

[INS_Vikrant]

Modi is not a movie villain

After joining this forum I realized most of our neighbors think of Modi as General Aladeen of the movie Dictator

 

[bluesky]

Bangladesh lost Tata’s $3 bn investment in 2005 over Tarique’s bribery deal: Joy

Knowing the personal characters of Tarique and his business partner Ghiyasuddin Mamun, it is possible that they demanded money from TATA.

But, it is also possible that TATA did not finalize the deal because the GoB was unable to promise the supply of natural gas to TATA for 25 years because the GoB knew the gas would be in short supply.

By the way, how come this Joy Kumar is now telling all these things. Was he also attending such meetings when Tarique demanded commissions in his presence?

If not, Joy Kumar must come out with the sources of his present claim. Is he trying to tarnish the image of Tarique? But, both Tarique and Joy Kumar are built of the same mindset and traits.

It is like, coal calling the kettle black.