The rise of Orion Group in Bangladesh’s infrastructure and energy sectors coincided with a questionable network of corporate restructuring and bank financing coupled with legal disputes involving its chairman, Mohammad Obaidul Karim.

Bangla Outlook has reviewed an extensive collection of corporate filings, court records, investigative complaints, financial documents, and international business registrations.

The material reveals a pattern of transactions and structural changes that reshaped ownership of major projects while drawing heavily on both public and private financing.

In several instances, these arrangements raise questions about compliance with existing laws and regulatory procedures.

The documents further show that Orion Group’s expansion was driven by large infrastructure concessions—including flyovers, commercial real estate, and power generation projects—often structured through joint ventures involving foreign partners and local entities, with concerns over whether due process was followed.

In several cases subsequent corporate filings and legal disputes indicate that the ownership arrangements evolved in ways that diverged from the original tender structures.

For example, as Bangla Outlook found out, in the Jatrabari–Gulistan flyover project, official tender records identify a consortium between Belhasa and ACCOM Engineering as the successful bidder, with Belhasa serving as the lead partner based on technical and financial qualifications.

Later corporate records show that entities linked to Obaidul Karim and his family became dominant shareholders in the project company, despite not being part of the original bidding consortium.

The transition from the original consortium structure to a different ownership configuration is reflected in multiple agreements submitted in different forums, including court proceedings, where varying dates were cited for the same joint venture arrangement.

The records indicate that the ownership structure of the project company changed significantly over time. While Belhasa was initially designated as the lead partner, subsequent filings suggest a dilution of its stake and a corresponding increase in shares held by Orion-linked entities.

In some accounts, Karim and his family are described as eventually holding a controlling interest in the special purpose vehicle responsible for the concession.

The documentation includes references to disputed agreements and allegations of unauthorized changes to shareholding arrangements, which have been contested in legal proceedings.

A similar sequence of events appears in relation to the City Center project in Motijheel.

Originally developed under a joint venture involving Belhasa and ACCOM, the project later became the subject of ownership disputes.

Court filings and corporate records indicate that shares were transferred to Orion-affiliated entities through board resolutions that have been challenged by other stakeholders.

Allegations in these proceedings include claims of forged documentation and unauthorized decision-making, though these matters remain subject to judicial determination.

Financial records linked to these projects show extensive reliance on bank financing.

Documents reviewed include a consolidated list of loans obtained by companies affiliated with Orion Group, indicating that entities within the group collectively borrowed approximately Tk 11,419 crore from various financial institutions, with around Tk 1,239 crore classified as overdue.

The borrowing spans multiple subsidiaries across sectors such as power generation, pharmaceuticals, shipping, textiles, and consumer goods.

The list includes companies such as Orion Power units in Dhaka, Sonargaon, Rupsha, and Meghnaghat; Orion Oil and Shipping; Orion Pharma; Energon Renewable BD; and several joint venture entities associated with infrastructure projects.

Additional records relating to the energy sector describe financial transactions connected to power generation projects between 2006 and 2023 totaling approximately Tk 4,525 crore.

These transactions involve payments, financing arrangements, and operational expenditures associated with power plants developed or operated by Orion-linked companies.

But none of the official documents provide a single consolidated account of these transactions rather present a series of “questionable” financial entries and summaries.

A complaint submitted to Bangladesh Bank outlines concerns regarding the capitalization and financial reporting of Belhasa ACCOM & Associates Ltd., later renamed Orion Infrastructure Ltd.

According to the complaint, the company’s paid-up capital was increased to Tk 100 crore during the 2009–2010 period, with questions raised about the documentation supporting the source of funds.

The complaint also alleges discrepancies in financial statements for the 2009–2010 and 2010–2011 fiscal years, particularly in relation to capital contributions and asset valuation.

The same complaint includes details about the financing structure of the Mayor Mohammad Hanif Flyover project. The initial estimated cost of the project is listed at Tk 788 crore, while subsequent records indicate that the total cost rose to approximately Tk 2,150 crore during implementation.

Financing for the project involved multiple state-owned banks, including Agrani Bank, which is reported to have provided around Tk 500 crore, Sonali Bank with Tk 500 crore, Janata Bank with Tk 600 crore, and Rupali Bank with approximately Tk 550 crore.

The documents do not specify the reasons for the cost escalation but present the revised figures alongside the original estimates.

Legal disputes connected to these projects have been recorded in multiple courts.

A civil petition for leave to appeal, filed in the Appellate Division of the Supreme Court, relates to a company matter involving ACCOM Engineering Company Ltd. and other parties.

The petition challenged a High Court decision issued in March 2013 under the Companies Act of 1994.

The case forms part of a broader set of legal proceedings concerning ownership, share transfers, and corporate governance within entities linked to Orion Group.

In another High Court proceeding concerning the City Center property, the court addressed a dispute over the transfer of shares and ownership.

During the hearing, the bench observed that Mohammad Obaidul Karim was considered absconding in the eyes of the law and therefore could not appoint legal representation in the matter.

The observation was made while considering an application related to restrictions on transferring shares and ownership of the building. The case reflects ongoing litigation involving competing claims over corporate control and property rights.

International corporate records provide additional context to Karim’s business activities. Licensing documents from the United Arab Emirates list him as a shareholder or owner in several companies registered in Dubai.

One such entity, Clean Vest ENG Technical Services LLC, records Karim as holding a 19 percent stake and identifies his nationality as Albania.

Another record shows him as the sole owner of a professional firm registered under a separate license, again listing Albanian nationality. A third company, C.L.L Hotel Reflections LLC, lists Karim as holding a 49 percent share in a hotel business, with the remaining ownership held by another UAE-based entity.

These corporate records correspond with identification documents indicating that Karim holds foreign citizenship.

A passport reviewed as part of the documents lists him as an Albanian national, with Dhaka as his place of birth and a date of birth of 27 December 1954.

Another passport document identifies him as a citizen of the Commonwealth of Dominica. The presence of multiple citizenships is reflected in business registrations and official documents across jurisdictions.

Financial and legal records relating to Oriental Bank add another dimension to the case.

Court documents indicate that multiple cases were filed in 2007 alleging the embezzlement of approximately Tk 488.50 crore through fraudulent accounts opened across several branches.

These accounts were reportedly used to withdraw funds during Karim’s tenure as chairman of the bank.

Subsequent court proceedings resulted in convictions in several cases, including sentences related to embezzlement, illegal wealth accumulation, and foreign currency violations.

Some of these cases remain subject to ongoing legal processes.

A Bangladesh Bank inspection report provides further detail on the Oriental bank’s financial condition during the relevant period.

The report includes tables showing discrepancies in assets, liabilities, and loan portfolios, as well as irregularities in financial reporting.

The data suggests that a significant portion of the bank’s lending was concentrated in a limited number of accounts, with patterns of restructuring and rescheduling that obscured the underlying performance of the loans.

Additional material described as a self-confession document includes a signed statement attributed to Karim and references to investigative findings regarding the bank’s operations.

The document outlines a series of transactions involving loans issued to various entities and subsequently transferred through multiple accounts. The narrative sections describe restructuring arrangements and rescheduling of loans.

Court records also reference a separate case involving the transfer of approximately Tk 2 crore abroad through multiple financial instruments, which was identified as a violation of foreign exchange regulations.

Bangla Outlook reached out to a number of officials from the Orion Group for their response, but none replied back.

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