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Media reports said Hossain had accepted a brand new Toyota Land Cruiser Cygnus from Niko Resources in return for delaying a multimillion dollar compensation claim.
The gas exploration company had been found responsible for a fire at a Bangladeshi gas field in January that reportedly caused damage of at least 10 billion cubic feet of gas worth about US$2.5 million (Â€2.03 million). The government has been seeking compensation.
Hossain was alleged to have delayed realization of the payment, the New Age daily said.
Taking benefit from Canadian company Niko Resources in the form of a highly expensive Toyota Land Cruiser Cygnus was a pretext for his ouster, the sources believe.
The reasons behind Mosharraf's 'resignation' on Saturday under orders from the prime minister include his resistance to assurance of 20 years of gas supply for Indian giant Tata's investment in Bangladesh, while advocating export of gas to India through a new deal. This had angered the Board of Investment and a powerful lobby in the ruling BNP, they pointed out.
Mosharraf had always sided with foreign companies on issues of state interests like Magurchhara gas blowout compensation claims, financial disputes or even the deal with Niko Resources. In some cases, he made certain quarters in the government happy but in others he had embarrassed the government, the PMO sources mentioned.
Mosharraf's interference in all the nine affiliates of Petrobangla, where he appointed several dozens of corrupt officials, was another reason. These appointments went against government policy, obstructed restoring order in the affiliates and drained out hundreds of crores of taka in bribes.
CARACAS - Its profits may be at record highs, but the engine of Venezuela's economy -- the government's Petróleos de Venezuela SA (PDVSA) oil company -- is also facing complaints of missing billions of dollars, production shortfalls and mismanagement.
And while PDVSA is pumping billions of dollars directly into President Hugo Chávez's social welfare programs to alleviate poverty, some experts fear that it is sacrificing the long-term viability of the company and its oil exports.
The complaints have led opposition lawmakers to call for an independent audit of the company, even as the government has begun pushing foreign oil companies for higher royalties and back taxes and is considering a sale of parts of Citgo, which owns refineries in the United States with a capacity for 900,000 barrels per day, plus 14,000 independently run gas stations.