A closed-door meeting between family members of Azerbaijan President Ilham Aliyev and Bangladesh Chief Adviser Mohammad Yunus on December 7 has sparked speculations about the offloading of 34 percent – or BDT 30,000 crore – to the former.
Bangladeshi corporate sources said that Yunus, who has considerable sway over the Grameen Group, especially the flagship Grameen Phone, may have finalized plans to sell off his stake in Grameen Phone, an issue that he likely discussed with Ilham’s two daughters, Leyla and Arzu.
Their arrival in Dhaka and the meeting with Yunus, without any official protocol or diplomatic procedures, only served to intensify concerns about the real purpose behind the visit. The interim regime did not put out any official communication on either the arrival or the subsequent meeting.
Although attempts were made to project the meeting as diplomatic courtesy, it is strongly suspected that a “hidden agenda” involved high-value asset transfer surrounding Grameenphone.
Suffice it to say that the Panama Papers identified Leyla and Arzu Aliyeva as beneficiaries of multiple offshore companies. Accusations include the creation of offshore entities to embezzle and launder funds abroad. They have also been linked to the illegal diversion of AzerCell dividends to foreign destinations.
Grameen Telecom holds 34.2 percent ownership in Grameenphone, with a market value of approximately BDT 13,700 crore. Grameen Telecom controls around BDT 30,000 crore in assets. There have been allegations that there are plans to transfer these assets to offshore accounts.
Multiple cases are pending against Yunus that range from alleged embezzlement, financial irregularities and withholding workers’ rightful dividends. Analysts believe an attempt may be underway to liquidate and transfer assets abroad before any legal conviction.
Despite the sensitivity of the issue, Bangladesh Bank, BSEC and other regulators have remained silent. No explanation has been provided regarding the sudden visit or the discussion held.
Any diversion of strategic assets such as those of Grameen Telecom would severely undermine the country’s economic foundations, corporate analysts said. This could have serious implications for national financial and telecommunications security.
The analysts said that the authorities must immediately incorporate multilayer financial and intelligence surveillance, strengthen audits and regulatory oversight on Grameen Telecom’s financial operations, and launch special monitoring of foreign travel, meetings and communications of Grameen Telecom executives.
