Relief for GP finally after it pays Tk 1,000cr
Grameenphone yesterday deposited Tk 1,000 crore to the state coffer according to the Supreme Court's order on Thursday, bringing to a finish its years-long tussle with the telecom regulator over unpaid dues.
The Bangladesh Telecommunication Regulatory Commission (BTRC) has claimed Tk 12,579.96 crore from the operator in earnings shares, taxes and late costs -- a figure Grameenphone maintains isn't correct.
The deposit though shouldn't be seen an admission of liability, Grameenphone said in a statement yesterday.
"It really is our ambition to solve the audit dispute, either via an amicable and transparent solution or before the courts," said Hossain Sadat, director and head of regulatory affairs of Grameenphone.
With the view to cranking up the pressure on Grameenphone to get it to pay the sum, the telecom regulator has put a host of restrictions including declining no-objection certificates since July, issuing show-cause notice for licence cancellation, and denying recycling of number series together with the threat of appointing an administrator for its day-to-day running.
"Grameenphone looks forward to resuming normal business operations, in order that we are permitted to best serve our customers again," said Sadat, who paid a pay order of Tk 1,000 crore to Md. Jahirul Haque, chairman of the BTRC, at the latter's office.
With this, the BTRC finally realised some cash from the operator against its audit claims. The audit investigated Grameenphone's books from its inception until 2014.
Grameenphone followed the lead of Robi, the country's second largest mobile operator, that was also locked in an identical tussle with the telecom watchdog over unpaid dues amounting to Tk 867.23 crore after audit. The problem was taken up to court as well.
The High Court on January 5 ordered Robi to pay Tk 138 crore in five instalments against the BTRC's claim. The operator has already paid the to begin the five instalments of Tk 27.60 crore on January 10, and the restrictions onto it were lifted by the telecom regulator.
The Norwegian Telenor Group's subsidiary's proceed to pay comes after it had been raked over the coal on Thursday by the Appellate Division of the Supreme Court.
"First pay Tk 1,000 crore to the Bangladesh Telecommunication Regulatory Commission and seriously February 24 for further orders," said Chief Justice Syed Mahmud Hossain, who led the seven-member of the SC's Appellate Division, while passing the order.
The order came in response to an assessment petition filed by Grameenphone previously January 26 to permit it to pay Tk 575 crore in twelve equal instalments.
The review petition was filed following the apex court had directed Grameenphone on November 24 this past year to pay Tk 2,000 crore to the BTRC within 90 days (by February 23) against the claim of Tk 12,579.96 crore.
Legal counsellors of the both parties said the court will hear the petition today and can give its final order.
The BTRC chairman thanked the operator for complying with the court's order.
Grameenphone is the major listed company in the country's capital market and its own regulatory tussle over the best area of the last 12 months dented investor confidence.
The news headlines of the operator putting to bed its regulatory problems has resulted in its stock soaring 7.58 per cent yesterday to Tk 318.
International Leasing Securities said in its daily market analysis that the bourse witnessed massive buying pressure in the telecom sector from the opening of the session that continued until the closure -- riding on Grameenphone's very good news.
Robi's announcement of its likely initial public offering also fuelled stock investors to get Grameenphone's stocks, said a top official of a respected merchant bank.
However, Robi gave two conditions for listing and the operator is lobbying with the federal government for them: lowering of corporate tax by at least percentage points and the very least tax of 0.75 per cent instead of 2 % for listed telecom companies.
If the government will abide by the conditions then Grameenphone also will benefit and therefore the clamour because of its stock yesterday, he said.
Grameenphone topped the turnover list yesterday using its transactions of Tk 47.02 crore.
