Dhaka, Feb. 13 -- The struggling Emerald Oil Industries' ambitious plan to bring in a foreign investment of Tk 4 billion by selling its shares or placing a lien against them seems elusive as the data does not add up.

Minori Bangladesh recently claimed that it had already inked a deal with Dubai-based Safa Capital for the fund to be used to build a new plant in Jamalpur Economic Zone so that it can increase production and export, according to reports published in newspapers.

It said it would sell shares from its stake in the company or keep them as collateral to get the fund as working capital and that the new factory would be operational by March 2025.

However, Minori, which invested Tk 315 million in 2021, facilitating the restructuri...