Metronet Bangladesh, the largest internet service provider in the country, has been plagued by tension as two competing factions vie for control of the company.
Around 56% of the company is owned by Rahim Afroz Group and Sayed Almas Kabir, with Kabir's share reportedly at about 5%. The rest of the company is owned by a Flora Telecom and Metronet founder Ferdous Azam Khan.
Although Rahim Afroz Group and Sayed Almas Kabir together hold a majority in Metronet, they are not members of Metronet's board of directors. Rahim Afroz Group is not allowed to serve on the board of directors of any company due to loan default.
During a press conference on Sunday, Metronet Managing Director Mustafa Rafiqul Islam claimed the company was on the verge of shutdown due to irregularities by Chief Executive Syed Almas Kabir.
Kabir reportedly conspired against the company by sending letters on financial transactions to various banks without the approval of the board.
However, when contacted by Dhaka Tribune, Sayed Almas Kabir denied the allegations and claimed a minority owner group was attempting to take control of the company.
Both factions accused each other of illegally taking crores of taka out of Metronet's coffers and interfering in office activities.
Mustafa Rafiqul Islam claimed that Almas has violated the rules of company by claiming personal interest despite holding only 2 % share of Metronet.
He said the current board has been managing the day-to-day operations of the company properly after December 5, 2022.
"Syed Almas Kabir has been conspiratorially issuing letters to various banks to stop transactions since December 8. He also issued letters to customers including various banks for non-payment of bills," Mustafa added.
Due to anti-company activities, immediate past managing director Almas has been relieved from both the posts of director and managing director, he further said.
On the other hand, Syed Almas Kabir claimed that Rahim Afroz Group and other stakeholders were the ones smoothly operating the company.
Metronet serves national emergency information service 999 (Triple Nine), banks, MFS, Chittagong Stock Exchange, NID database, e-passport, and many public private entities.
