Bangladesh’s interim government is intensifying scrutiny over power agreements signed during former Prime Minister Sheikh Hasina’s tenure. On Sunday, a review committee recommended appointing an international investigative agency to examine contracts, including a deal involving India’s Adani Group.
“The National Review Committee on Ministry of Power, Energy and Mineral Resources has recommended the appointment of a reputed legal and investigation agency to review the major power production agreements signed during the autocratic regime of Sheikh Hasina from 2009 to 2024,” a statement from Chief Adviser Muhammad Yunus’s office stated.
The committee, according to news reports, is reviewing seven significant energy projects, including the Adani Godda 1234.4 MW coal-fired plant, a subsidiary of Adani Power Limited. Other deals under review involve a 1320 MW coal-fired plant built by a Chinese firm and multiple contracts with Bangladeshi companies linked to the past regime.
The story will updated post comments from the Indian conglomerate.
The investigation into Adani Group’s contract comes amid a separate storm brewing in the United States. On Wednesday, U.S. prosecutors indicted Indian billionaire Gautam Adani and seven others for fraud, alleging a $265 million scheme to bribe Indian officials to secure power-supply deals.
The allegations center on a single contract tied to Adani Green Energy, which accounts for roughly 10% of the company’s business, according to Group CFO Jugeshinder Singh. “None of Adani’s 11 public companies are subject to indictment or accused of wrongdoing in the said legal filing,” Singh defended in a statement on X.
Adani has denied the charges, calling them “baseless.”
This latest setback adds to the conglomerate’s troubles, which last year faced accusations from Hindenburg Research of improper use of offshore tax havens. The Adani Group strongly denied those claims, but the fallout affected its market valuation and business operations.
As Bangladesh evaluates the contracts linked to Adani’s Godda thermal plant, concerns remain over the plant’s future. Initially built to supply power exclusively to Bangladesh, a recent amendment in Indian law now allows Adani to sell the power domestically, raising doubts about Bangladesh’s access to a dedicated supply.
Bangladesh’s interim government has tasked its review committee to investigate allegations of corruption under the Quick Enhancement of Electricity and Energy Supply Act, 2010.
