Bangladesh, Nov. 11 -- Robi Axiata's transfer of more than 8,000 telecommunications towers to EDOTCO Group, a fellow Axiata company, between 2014 and 2018 raised questions about asset valuation, corporate governance and tax anomalies.

Advertisement Transactions between the companies drew repeated scrutiny from the previous securities commission, but the matters have remained unresolved. Hence, the Bangladesh Securities and Exchange Commission (BSEC) reopened the probe in March, which is still underway with its period extended.

The Financial Express got access to documents that show much of the corporate restructuring had taken place at prices much lower than what an independent valuation would suggest. The transactions also coincided w...