GCM cheats shareholders with government help: National Committee

Staff Correspondent | Published: 00:18, Feb 27,2021


The National Committee to Protect Oil, Gas, Mineral Resources, Power and Ports on Thursday accused Bangladesh of aiding the London-based Global Coal Management, formerly known as Asia Energy, in illegally raising money by selling stocks to its shareholders in the name of the Phulbari coal project.

‘The GCM is selling shares of the Phulabri project though it has no contract with the Bangladesh government for implementing any such activities,’ said the committee’s member secretary Anu Muhammad at a virtual protest on Thursday.

He alleged that the government was aware about the activities of the GCM but refused to take any action to stop it which amounts to helping the company carry out its illegal activities.

The UK chapter of the national committee organised the protest, said a press release issued by the national committee on Friday.

Akhter Sobhan Mashrur, the member secretary of the national committee’s UK chapter, said that the GCM used the coronavirus pandemic as an excuse to deny its shareholders access to its general meeting held on Thursday.

He said that the announcement that came out of the general meeting about the company’s share price falling bears testimony to the fact that the company is heading towards bankruptcy.

‘The Phulbari project has lost its credibility in the market,’ the press release quoted Akhter as saying.

Phulbari resistance movement leader Sujit Prashad Gupta said that they would continue to resist the GCM and demanded that the company should be banned in Bangladesh.

He also demanded that the GCM withdraw the false case it filed against the leaders of the movement.

Speakers at the virtual protest renewed their pledge of not allowing the Phulbari project that threatens to evict two lakhs people while harming the environment and ecology.

The protest meeting was presided over by Mukhisur Rahman while the leaders of the national committee from Bangladesh and other countries also attended.

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