Flash Report /
Bangladesh

Grameenphone files court appeal to pay BDT5.7bn instead of BDT20.0bn

    IDLC Securities
    26 January 2020
    Published byIDLC Securities

    Grameenphone (GP) has filed a petition at the Appellate Division of the Supreme Court offering to pay BDT5.7bn in twelve equal monthly instalments to the Bangladesh Telecommunication Regulatory Commission (BTRC). On 24 November 2019, the Supreme Court had asked Grameenphone to pay BDT20bn to continue the stay-order against the non-issuance of a No Objection Certificate (NOC) by the BTRC.

    Initially, BTRC had demanded BDT126bn from GP – BDT85bn as an audit claim and BDT41bn as a National Board of Revenue (NBR) claim. The BTRC audit claim consists of BDT23bn as principal and BDT62bn as interest. The BDT5.7bn that GP has now proposed to pay is equivalent to 25% of the principal amount of the audit claim. 

    Note that this review petition is the only legal recourse that GP has in the domestic court to cease the payment of BDT20bn. Should the court decline the appeal, GP will have to pay BDT20bn to continue the stay-order.