Bangladesh Telecommunications Company Limited (BTCL), the successor to the Telegraph Branch established in British India in 1853. After several structural changes, BTCL began operating as a state-owned company in 2008 and went on to incur losses for 14 consecutive years. Despite holding substantial assets, the company lacks proper documentation. For an amount of about BDT 580 billion, prompting auditors to question their transparency and accuracy. Allegations of corruption and irregularities have also been raised in connection with various BTCL projects and operations, while meaningful government initiatives to reform and turn the state-owned enterprise into a commercially viable entity remain limited.
According to BTCL’s financial statements, the company’s total assets stood at BDT 673.39 billion at the end of the 2024–25 fiscal year. Of this, fixed assets worth BDT 579.83 billion have no written records. As a result, the existence of these assets could not be verified, the company’s appointed auditor, Anil Salam Idris & Co, Chartered Accountants, said.
BTCL has maintained provisions amounting to BDT 21.63 billion against bad debts. This includes BDT 380 million owed by local operators, BDT 7.72 billion by local customers, BDT 11.88 billion by foreign operators, and BDT 1.65 billion linked to defunct companies. However, the company failed to provide auditors with detailed lists or supporting documents for these receivables. Consequently, auditors were unable to verify their accuracy, status, or recoverability. BTCL authorities also could not furnish detailed information on receivables totalling BDT 22.02 billion from local customers, foreign operators, and other overseas operational activities.
Auditors further noted that they could not verify the existence or accuracy of BDT 5.32 billion in cash deposits held by BTCL in various banks, as the company failed to provide branch-wise and account-wise details, bank book ledgers, or bank statements.
Md Anwar Hossain, managing partner of Anil Salam Idris & Co, told Bonik Barta, “BTCL owns a wide range of assets, including land, towers, offices, and equipment across districts. We inspected many of these assets, but no asset register was available. Without records, it is impossible to reconcile or determine when the assets were acquired. In the absence of proper documentation, depreciation cannot be calculated accurately. Similarly, although provisions have been made against receivables, these cannot be written off due to the lack of supporting records.
Highlighting the need for structural reform to keep pace with changing times, Anwar Hossain added, “Such initiatives are often absent in state-owned enterprises. If this were a private company, the business model would have changed long ago. Landline services — BTCL’s core business — have become obsolete. When growth stalls, businesses usually diversify themselves in their own way. Despite having infrastructure and assets, state-owned enterprises rarely pursue diversification, which is the fundamental problem.”
BTCL recorded net losses from the 2006–07 to the 2020–21 fiscal years. Although it returned to net profitability in 2021–22, the company has yet to break free from operating losses. In the 2024–25 fiscal year, BTCL generated revenue of BDT 8.99 billion, up from BDT 7.75 billion the previous year, but still incurred an operating loss of BDT 320 million after expenses.
As of June this year, BTCL held bank deposits worth BDT 19.22 billion, earning interest income of BDT 2.46 billion. Despite operating losses, this interest income enabled the company to post a net profit of BDT 760 million after tax in the 2024–25 fiscal year.
BTCL Managing Director Mohammad Mamunur Rashid told Bonik Barta, “Documentation related to receivables does exist, and that a committee under the Posts and Telecommunications Division is working to resolve discrepancies involving inter-agency dues. Compared to the previous fiscal year, our operating revenue has increased by around BDT 1.24 billion, while operating losses have declined by BDT 1 billion to BDT 320 million. This progress gives us confidence that we can achieve operating break-even in the next fiscal year.”
Responding to queries about the company’s fixed assets, he further said, “Since the range of these assets is so extensive, it’s not possible to maintain a manual register. Instead, asset information is being preserved in soft-copy format at different offices. There is no scope for opacity in this process. Steps are underway to further modernise asset management through the procurement of an Enterprise Resource Planning (ERP) system with a fixed-asset module.”
During the tenure of the ousted Awami League government, one of the most controversial projects in the telecommunications sector was BTCL’s so-called 5G Readiness Project, which was marred by allegations of corruption. The project, involving an estimated cost of BDT 3.26 billion, even triggered a dispute between the then minister and secretary of the Posts and Telecommunications Division over the appointment of contractors. After the interim government assumed office, an investigation committee headed by an additional secretary was formed to probe irregularities in the 5G Readiness Project. The committee submitted its report in December 2024. The report found evidence of irregularities involving a former secretary of the Posts and Telecommunications Division, who also served as chairman of BTCL’s board by virtue of office. The investigation described the scale of the irregularities as serious and “unprecedented.” Beyond this project, BTCL has faced allegations of irregularities and corruption in various activities at different times.
Addressing these allegations, BTCL Managing Director Md Mamunur Rashid told Bonik Barta, “These projects are governed by prevailing government rules and regulations. Appropriate action is being taken through the relevant authorities, in line with established procedures, to resolve allegations of corruption. All services of BTCL have been digitalised as part of efforts to transform the company into a modern and profitable enterprise.” In addition, a reform committee formed by the Posts and Telecommunications Division is working to make BTCL competitive and commercially viable, he added.
In December last year, the Finance Division published a report analysing the debt, contingent liabilities, and financial risks of state-owned enterprises, using financial statements for the fiscal year 2022–23. The report identified BTCL as a high-risk entity, noting that it takes the company an average of 2,611 days to settle payments with suppliers. The report also flagged BTCL’s limited debt-servicing capacity as a major concern. As of June 2025, the company’s long-term debt stood at BDT 29.95 billion.
Abdun Naser Khan, secretary of the Posts and Telecommunications Division and chairman of BTCL, told Bonik Barta, “The government is making concerted efforts to reform BTCL. A reform committee has been formed, and we hope to receive its recommendations soon on how to modernise BTCL and make it commercially profitable.”
On asset protection, the chairman said, “Initiatives have been taken, with the cooperation of deputy commissioners across the country, to recover BTCL-owned land and secure plots that remain unprotected. At the same time, it’s not yet possible to ensure optimal utilisation of the company’s assets. We are focusing on how this can be achieved, and several new project proposals have already been submitted to that end.”