Court filings link ex-Robi CEO’s dismissal to accounting probe, not salary dispute
Court filings reviewed for this report link Mahtab Uddin Ahmed’s dismissal to a whistleblower-triggered inquiry into alleged accounting misstatements, while Ahmed has disputed the company’s characterization and cited the pending case in declining to answer specific questions.
Mahtab Uddin Ahmed was the first Bangladeshi to head a foreign-owned mobile operator in the country’s telecom sector. When he abruptly stepped down in 2021, it sparked immediate speculation: did he resign voluntarily, or was he forced out?
For years, the exact circumstances of his departure remained undisclosed, even as the matter moved into litigation.
The allegations described in this report are drawn from court filings, company submissions, and related documents. Those materials allege that Ahmed’s termination followed an extensive investigation into financial irregularities, governance failures, and accounting misstatements. Court records reviewed for this report also refer to claims that Ahmed’s salary and remuneration were increased without direct board approval, while the company says an internal disciplinary inquiry substantiated allegations of accounting fraud after a whistleblower report.
Ahmed has denied the company’s characterization of the dispute and, when contacted for comment, declined to address specific questions, citing the pending court case.
According to court filings, the inquiry concluded that Ahmed had orchestrated a major financial misstatement. Robi says it terminated his employment based on the inquiry committee’s findings on capital expenditure and operational expenditure irregularities. The filings cite approximately Tk 2,010 crore in capital expenditure, or around $235 million, and roughly Tk 5,140 crore in operational expenditure. During his tenure as managing director and CEO in 2019, Ahmed formed a cross-functional team tasked with finding ways to accelerate the reclassification of expenditure before the close of the financial year.
Court documents say the cross-functional team was created under Ahmed’s direct supervision and that its scope included an alleged scheme to misclassify operational expenditure as capital expenditure, a move that would artificially inflate asset values and distort profit calculations. Investigators cited this as evidence of accounting fraud. The reclassification of operational expenses as capital expenditure, described in the filings as “masking activities,” was identified as a serious breach of Robi’s internal compliance protocols.
On October 7, 2021, Robi issued a show-cause notice detailing the allegations against Ahmed. He submitted a response on October 14, 2021, which executive management rejected as inadequate. Disciplinary inquiry proceedings were subsequently initiated. Following a detailed investigation, the committee submitted its findings to the board, which then voted to dismiss Ahmed.
The show-cause notice issued to Ahmed alleged that, to execute his plan, he unilaterally breached internal governance policies by issuing two major purchase orders without prior board approval: one with Huawei worth $1.8 crore ($18 million), and another with Ericsson worth $1.19 crore ($11.9 million). The notice further alleged that Ahmed pressured vendors to alter contract terms, which the company characterized as a severe violation of corporate governance standards.
The alleged misconduct came to light following an anonymous report submitted through Robi’s whistleblower framework, the “Speak Up Channel,” which prompted the company to launch a formal internal investigation.
Court filings reveal that following its 2021 IPO, Robi reviewed prior transactions and was forced to restate its accounts, reversing approximately Tk 207.1 crore in misclassified capital expenditure. This adjustment was reflected in the company’s 2021 audited financial statements, prepared by chartered accounting firm Hoda Vasi Chowdhury & Co.
Concurrently, Robi adjusted its 2021 financial report to reflect tax implications and related items. As part of this, the company reversed approximately Tk 158.3 crore in capital expenditure advances under Annual Maintenance Contracts (AMC) and adjusted nearly Tk 48.8 crore in net payables to straighten the books and accounts.
The Bangladesh Securities and Exchange Commission (BSEC) has formed an inquiry committee to investigate the matter. As a listed entity, if deliberate misrepresentation or accounting manipulation is established, Robi could face severe regulatory penalties, with significant repercussions for shareholders and accountable individuals.
Since his dismissal, Ahmed has publicly maintained that his termination stemmed from a personal dispute over salary and bonuses with the then-Group CEO and MD. However, court filings and affidavits submitted by the company tell a different story. In its written submission to the court, Robi alleged that rather than a salary dispute being the root cause, Ahmed had unilaterally raised his own salary without due process and board approval.
In its court filing, Robi Axiata claimed that Ahmed attempted to rely on a general workforce pay adjustment to make it appear that his salary had been revised along with other employees. However, as the CEO and Managing Director of Robi, Ahmed was fully aware that any modification to his compensation required a separate approval process, strict compliance with Bangladeshi legal procedures, and adherence to company policies and delegation of authority limits. Court documents reveal that Ahmed accepted his responsibility in a letter of clarification in May 2021.
Ahmed in his petition cited resignation of two independent directors in the course of the disciplinary hearing, however, documents show that one of the director resigned as her tenure has ended and another director resigned immediately after the conclusion of the disciplinary process.
Documents show that Ahmed was close to completing his contract term, but he resigned just two months before its expiration – shortly after the internal investigation was launched. The timing has raised questions over whether he resigned to avoid impending disciplinary proceedings.
During the proceedings, Ahmed applied to amend his claim in the trial court and filed a separate petition seeking specific documents. Both matters eventually reached the High Court, which dismissed both of Ahmed’s applications last March, according to High Court records.
Robi Axiata PLC, a subsidiary of Axiata Group, is a leading telecommunications operator in Bangladesh. As a publicly traded company listed on the Dhaka Stock Exchange (DSE), it operates under the regulatory oversight of the BSEC and the DSE.
Robi Axiata PLC declined to comment on the matter citing ongoing legal proceedings, but confirmed that following the investigation, it restated its financial accounts and took action against those involved.
When contacted for comment regarding the allegations and ongoing legal dispute, Ahmed declined to address specific questions, citing the pending court case. “Since all the questions are related to the ongoing case with Robi, I am not allowed to comment on any of the above questions,” he said in a response, advising to consult publicly available evidence and records instead.
Mahtab Uddin Ahmed served as the president of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) in 2025. He currently works as a consultant and hosts a podcast on social media.
