A mobile virtual network operator (MVNO) startup launched in New York to serve expatriate Bangladeshis has been hit by serious allegations of financial irregularities, triggering operational disruptions and raising questions about governance in diaspora-funded ventures.
Rivertel Holdings, once seen as a promising technology startup, attracted community-based investments and built as a first growing subscriber base company and earned nearly $10 million in annual recurring revenue.
The company also earned confidence of many Bangladeshi diaspora investors.
However, allegations of concentrated control, arbitrary decision-making and missuse of corporate funds have now pushed the company to the brink of closure.
An analysis of internal documents, financial records and board meeting minutes indicates multiple inconsistencies in corporate governance and financial management.
The main allegation has come to former chief executive officer of the company Ruhin Hossain.
Already a complaint has reportedly been filed against him in a US court over alleged financial misconduct and investment-related fraud.
According to the documents reviewed by investors, a significant portion of the company revenue, customer billing and investment inflows and cash management remained under the exclusive control of the former CEO for a prolonged period, without full oversight from the board. Investors claim and also argue that this setup under this arrangement made it weakened financial transparency and risk management.
Under Rivertel shareholders agreement, major expenditures, executive compensation and acceptance of new investments required board approval.
The complaint says these rules were ignored soon after the company began operation. For example, the CEO salary was reportedly fixed without consulting the board. It is also alleged that money was transferred from the company bank accounts to personal accounts without any proper documentation.
One investor said he invested a large amount of money in several instalments. Later, he discovered that the funds had been deposited into a personal account instead of the company official bank account. The matter became more complicated when the same funds were later recorded in differentially in company books—sometimes as equity investment and at other times as personal loans.
Investors say these changes have created confusion about the company ownership structure and financial records.
Operationally, the company began to struggle as irregularities mounted. Internal records show that unpaid bills to vendors and suppliers began piling up as partnerships with telecom operators started to collapse. This double blow—climbing debt and collapsing revenue streams—created a financial bottleneck that crippled the company ability to operate smoothly. Revenue declined sharply, banking operations became complicated and employee salaries became irregular.
As a result, revenue took a nosedive, making everyday banking a nightmare and leaving employees stuck with late or missing paychecks.
Audit findings also raised questions over sudden deposits into company accounts that the former CEO claimed were personal investments.
However, transaction patterns reviewed by auditors suggest that some of these funds may have originated from customer revenue that had previously passed through personal accounts.
Further allegations rose as the use of corporate cards for personal and family expenses and the existence of individuals on the payroll who was not actively working for the company. Investors have also claimed that Rivertel funds were used to operate a digital media platform unrelated to the company core business.
Internal communications among board members show that concerns over financial management were raised in several meetings. This growing concerned led them to bring and appoint a third-party audit firm to find out the problem and give a real picture about the company. Following the audit report, the board officially decided to remove Ruhin Hossain from the position of chief executive and his role.
Although the allegations have not yet been proven in court but the case has sparked a much bigger conversation about how startups funded by the diaspora should be run.
Experts say that when a single individual controls revenue streams, billing systems and investment flows without anyone looking over their shoulder, the risk of things going sideways increases dramatically and the risk of financial irregularities will be increased significantly.
Pakistani leather industry leaders have urged Dhaka and Islamabad to move swiftly toward signing an immediate Free Trade Agreement (FTA), saying it would transform bilateral commerce, reduce production costs and create a stable environment for long-term investment in the leather and footwear sectors.
During high-level business meetings in the city, Royal Leather Industries Ltd Managing Director Muhammad Ahmed Malik, Shaikh Brothers Owner Umer Anis Shaikh, Leader Tanneries Kasur Director Mrs. Amna, Siddiq Leather Works Pvt Ltd Sales Executive Faisal Rehman, Kasur Tanneries Pvt Ltd Marketing Manager Muhammad Ishtiaq, and KTM Leather Pvt Ltd Head of Sales & Marketing Khawaja Haris Hassan jointly highlighted the urgency of establishing tariff-free access between the two countries.
Muhammad Ahmed Malik said an FTA would “open a great opportunity for both nations,” noting that preferential trade terms would help expand sourcing networks and strengthen regional supply chains. He added that his company already plans to import raw hide from Bangladesh and an FTA would make the process smoother and cheaper.
Shaikh Brothers Owner Umer Anis Shaikh said Pakistan and Bangladesh must overcome bureaucratic delays by simplifying customs and immigration systems. An FTA, he said, must include provisions that make visa processing very easy for business delegations, enabling faster decision-making and investment execution.
Leader Tanneries Kasur Director Mrs. Amna said both countries would be “equally benefited” as trade volumes could double once tariff barriers are removed. She emphasized that competitive pricing under an FTA would allow Bangladeshi manufacturers and consumers to enjoy cheaper leather and footwear prices than at present.
KTM Leather Pvt Ltd Head of Sales & Marketing Khawaja Haris Hassan, whose company is investing USD 2 million in a joint venture in Bangladesh, said smoother cross-border regulations would help the two nations jointly compete against European economic diplomacy, including the growing influence of Chinese and Indian exporters.
Kasur Tanneries Pvt Ltd Marketing Manager Muhammad Ishtiaq noted that better trade facilities would ensure uninterrupted delivery of high-quality hides to Bangladeshi producers, boosting their exports to Europe.
Siddiq Leather Works Pvt Ltd Sales Executive Faisal Rehman added that an FTA would also encourage technology sharing and skill development in value-added leather production.
Industry insiders say the collective call from top Pakistani leather executives reflects a new chapter of economic diplomacy, with both countries now exploring deeper strategic and commercial engagement.
Pakistan is seeking to deepen academic cooperation with Bangladesh through an expanded “Knowledge Corridor” that will enhance student mobility, joint research and cross-border educational exchange, said Pakistan High Commissioner to Bangladesh Imran Haider in a special interview to The Shuttle Times on Monday morning.
In an exclusive interview, the High Commissioner said the “Knowledge Corridor” initiative is designed not merely as an educational platform but as “a symbol of friendship, trust, and a shared vision for future-ready youth.”
Scholarships for Bangladeshi Students Expanded
High Commissioner Haider said Bangladesh remains an important partner in Pakistani educational outreach. The Government of Pakistan, through its Higher Education Commission (HEC), is currently offering a broad range of scholarships for Bangladeshi students across medicine, engineering, IT, social sciences, agriculture and other emerging fields.
“There are special quota scholarships for SAARC countries, and Bangladeshi students regularly secure competitive positions,” he noted. In addition to government-funded opportunities, several leading Pakistani universities provide merit-based and need-based financial aid to foreign students.
Admissions Now Fully Digitised
Highlighting reforms in the admission process, Haider said Pakistan has introduced a single-window online portal for all international student applications, streamlining the system and reducing bureaucratic delay.
“Visa processing has also become faster,” he said. “Student visas now receive priority verification, shorter processing times, and dedicated support desks.” Many universities have set up international student offices to assist applicants from Bangladesh.
New Academic Partnerships on the Horizon
Responding to questions about academic collaboration, the High Commissioner confirmed that several new initiatives are being explored under the Pakistan–Bangladesh Knowledge Corridor.
“We are working with universities on joint degrees, faculty exchange, and collaborative research projects in areas like AI, climate resilience, agriculture technology and media studies,” he said. “These discussions are progressing positively and will soon translate into formal agreements.”
Safety and Student Welfare a Priority
Haider emphasised that ensuring the well-being of Bangladeshi students in Pakistan is a core responsibility. Major Pakistani universities now maintain international student support centres providing assistance with accommodation, health services, counselling and cultural orientation.
“Pakistanis are known for their hospitality,” he said. “Most Bangladeshi students feel at home in the cultural environment.” He added that a 24/7 emergency support line and close coordination between the High Commission and university administrations ensure additional safety.
Internships and Work Opportunities Available
The High Commissioner said foreign students in Pakistan can benefit from expanding opportunities in the country’s engineering, health and technology sectors.
“International students can take part in industry-linked internships, research assistantships, and professional training programs,” he said. Pakistan also offers post-study employment options, particularly in IT, engineering and healthcare, where demand for skilled graduates is rising.
Long-Term Education Diplomacy
On the broader relationship between the two countries, Haider noted that educational cooperation is central to Pakistan’s long-term diplomatic engagement with Bangladesh.
“Our goal is to make the Knowledge Corridor an enduring platform for academic partnership,” he said. “We want to increase the number of Bangladeshi students, support more institutional MoUs, and expand joint research in areas like AI, public health and climate change.”
He added that the High Commission plans to introduce cultural and academic exchange delegations and launch an annual Pakistan–Bangladesh Higher Education Dialogue.
With Pakistan projecting itself as a hub for affordable, high-quality higher education—particularly in medicine, engineering and emerging technologies—the High Commissioner expressed confidence that the initiative would “create a new chapter of cooperation between the youth of both nations.”
09 Oct, 2025 :
The Nobel Prize in Literature was on Thursday awarded to Laszlo Krasznahorkai, considered by many as Hungarys most important living author whose works explore themes of postmodern dystopia and melancholy.
The Swedish Academy honoured him "for his compelling and visionary oeuvre that, in the midst of apocalyptic terror, reaffirms the power of art."
Krasznahorkai, 71, is "a great epic writer in the Central European tradition that extends through Kafka to Thomas Bernhard, and is characterised by absurdism and grotesque excess," the jury said in a statement.
"But there are more strings to his bow, and he also looks to the East in adopting a more contemplative, finely calibrated tone."
Krasznahorkai was among those mentioned as a possible winner in the run-up to the prize.
Last year, the award went to South Korean author Han Kang, the first Asian woman to win the Nobel.
The Academy has long been criticised for the overrepresentation of Western white men among its picks.
Women are vastly under-represented among its laureates -- just 18 out of 122 since it was first awarded in 1901.
The Swedish Academy has undergone major reforms since a devastating #MeToo scandal in 2018, vowing a more global and gender-equal literature prize.
The Nobel Prize comes with a diploma, a gold medal and a $1.2 million prize sum.
Krasznahorkai will receive the award from King Carl XVI Gustaf in Stockholm on December 10, the anniversary of the 1896 death of scientist and prize creator Alfred Nobel.