Dhaka, Sept. 9 -- The government has regained control of National Tea Company (NTC) with a majority stake after purchasing placement shares at the eleventh hour of the latest subscription period.

The shares, which had been on offer since 2023 but remained unsubscribed until the fourth extension of the subscription period ending on August 13, appear to have been purchased under duress.

An official of the Investment Corporation of Bangladesh (ICB), preferring anonymity, said the investment was bound to incur losses in the struggling company, at a time when the ICB itself was grappling with a fund crisis. The ICB recently purchased about 9.75 million shares of NTC.

ICB Chairman Prof. Abu Ahmed also admitted there was no certainty of retur...