Dhaka, Jan. 7 -- State-run fuel and energy companies could reduce their dependence on government and foreign funds as well as bank loans by listing on the stock market, but political and bureaucratic resistance persists -- largely to avoid heightened scrutiny of corrupt practices.

Government and foreign funds are generally considered cheaper than bank credit. However, money raised through an initial public offering (IPO) can be the cheapest source of financing of all -- unless company boards factor in the cost of exposing business operations and the resulting regulatory actions.

Take the case of BR Power Generation, for example.

The company reported aggregate liabilities of Tk 14.75 billion, including foreign debts and government loans...