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Oras Invest (Bangladesh), working as a foreign investment company in mobile telecommunication expansion sector, is functioning without necessary approval required for foreign investors.
Board of Investment (BoI) sources at investment department told BSS that Oras Invest did not register its name with the BoI.
They said moreover, the foreign companies have to declare their investment amount giving the entire project profile in advance before starting its function in the country.
The BoI investment department does not have any such financial records or declaration with the board whereas Oras Invest has already started its function as a subsidiary of ORAS telecom, an international company, by going in contract with a mobile company in installing towers.
Sources at Joint Stock Company said they did not have any records about Oras Investment (Bangladesh).
Sources said Oras Invest, is accomplishing the work of installing the towers by the local small companies on credit basis.
BoI sources said the registration process of the foreign investment companies had been prescribed to avoid fraudulent activities in the name of foreign investment.
However, Oras Invest authorities could not be contacted for its comments.
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