Tarique's backstairs offer drove away investors from Bangladesh: Joy

Indian business icon Ratan Tata backtracked on an almost-approved three-billion-dollar 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 in 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 8 May, 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 a 10% 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 Tk200 crore in the first phase and Tk100 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.