Flora Telecom Limited, a well-established and reputed technology company in Bangladesh, strongly objects to and rejects the misleading, one-sided and unsubstantiated allegations made in a report recently published concerning the company’s engagement with Agrani Bank PLC.
For many years, Flora Telecom has been providing information technology services to a wide range of government and private-sector banks and financial institutions in Bangladesh with a strong track record of professionalism, technical expertise and integrity.
As part of its long-standing engagement with the banking sector, Flora Telecom was contracted in 2008 to supply and implement the Temenos T24 Core Banking Software for Agrani Bank PLC. The agreement was subsequently renewed for a further 10 years in 2018. Through the successful implementation of the T24 Core Banking System across 979 branches of Agrani Bank, a large number of customers have continued to receive uninterrupted digital and online banking services.
As information technology continues to evolve rapidly worldwide, software systems must be regularly upgraded and enhanced to remain secure, efficient and compatible with emerging technological standards. In line with this requirement, Agrani Bank initiated an upgrade of its existing T24 Core Banking Software to a more modern and updated version.
Following the applicable procurement rules and procedures, Agrani Bank issued a work order in favour of Flora Telecom in March 2021 for the upgrade of the existing T24 software to its latest version. Subsequently, in April 2021, a formal agreement was duly executed between Agrani Bank and Flora Telecom in accordance with the terms and conditions stipulated in the work order.
Against this background, a report titled “Software Doesn’t Work Despite Tk 3.12 Billion Spending; Agrani Bank Gives Tk 910 Million Benefit to Flora Telecom” was broadcast by a television channel and subsequently circulated through its associated social media platforms on 24 August 2026.
Flora Telecom considers the report deeply regrettable and believes that its presentation is misleading, one-sided, exaggerated and inconsistent with the actual facts and circumstances of the project.
The report allegedly claimed, without presenting sufficient verifiable data, relevant documentary evidence or the complete contractual context, that Agrani Bank incurred a financial loss of Tk 910 million as a result of alleged undue benefits provided to Flora Telecom. It also reportedly alleged that a 44% tax burden applicable to Flora Telecom had been imposed on Agrani Bank and that additional payments had been made outside the scope of the contract.
Flora Telecom categorically states that these allegations are false, baseless and misleading.
It is particularly important to clarify the significant impact of foreign exchange fluctuations on the project. From July 2022 onward, the exchange rate of the US dollar against the Bangladeshi Taka increased substantially, rising from approximately Tk 87.20 per US dollar to approximately Tk 123 at a later stage.
While Flora Telecom receives the annual maintenance fee from Agrani Bank in Bangladeshi Taka, payments due to Temenos are required to be made in US dollars. Consequently, the substantial depreciation of the Bangladeshi Taka and the resulting foreign exchange fluctuations have imposed significant additional financial pressure on Flora Telecom in meeting its annual maintenance payment obligations to Temenos.
These foreign exchange movements and the associated financial challenges have inevitably affected the overall project environment and its execution. Nevertheless, Flora Telecom has continued to support and advance the project despite these adverse circumstances and remains committed to fulfilling its contractual responsibilities and agreed scope of work.
In addition to carrying out the work stipulated under the relevant agreement and work order with Agrani Bank, Flora Telecom continues to provide maintenance and related services for the T24 software under the existing maintenance agreement with the bank. In accordance with the contractual terms, the maintenance agreement remains valid until 2028.
Flora Telecom believes that presenting one-sided and conclusive statements about the cost, progress, contractual obligations and operational performance of an ongoing technology project based on incomplete information can materially distort the actual circumstances. This is particularly important when reporting on a large-scale and highly sensitive technology project involving the core banking system of a state-owned bank.
Responsible reporting on such matters requires comprehensive verification of relevant information, consideration of the contractual and technical realities of the project, and an opportunity for all concerned parties to present their respective positions and explanations.
Flora Telecom also has serious concerns as to whether the company’s position and explanations were adequately sought, considered and reflected in the published report. The company therefore calls upon the concerned television authority to review and re-verify the information, statements and allegations contained in the report and to publish appropriate corrections and clarifications where necessary.
Flora Telecom further requests that, in any future reporting concerning the company, all relevant parties be given a fair opportunity to provide their statements and that all material facts be properly verified before publication.
With 28 years of business experience, Flora Telecom Limited remains fully confident in its reputation, professionalism and commitment to integrity. The company respectfully appeals to its customers, business partners, stakeholders, well-wishers and members of the public not to be misled by unverified, one-sided or inaccurate reports or campaigns, but rather to consider the matter based on verified facts and the complete contractual and operational context.
Flora Telecom sincerely values the trust and confidence that it has earned over the years and remains committed to maintaining the highest standards of professionalism, responsibility and integrity in all its engagements.
Going forward, Flora Telecom Limited reaffirms its commitment to contributing responsibly to the development of Bangladesh’s information technology and banking sectors and to supporting the country’s digital transformation through reliable technology solutions, professional expertise and the highest standards of service.