Bangladesh power contracts rigged, Adani deal at risk
An investigative panel examining Bangladesh’s electricity sector has documented widespread financial misconduct in agreements signed during the previous administration’s time in office. The group determined that rates paid for power now exceed those in rival nations by 25 percent, with that gap widening to 40 percent when government subsidies are removed from calculations. Between 2011 and 2024, generating capacity expanded four times while expenditures increased more than elevenfold, climbing from $638 million to $7.8 billion.
Retired Justice Moinul Islam Chowdhury leads the committee, which delivered preliminary findings on Monday to Power Division adviser Muhammad Fouzul Kabir Khan. The team reviewed procurement contracts executed under emergency provisions and identified pricing irregularities involving multiple international firms. Professor Mushtaq Hossain Khan warned that terminating sovereign agreements without proper legal grounds could trigger substantial penalties through international arbitration. The panel expects to present conclusions by January after examining correspondence and financial records spanning 16 years.
Lawyer Shahdeen Malik noted sufficient grounds exist for canceling certain deals but cautioned that unilateral action might expose the government to damage claims approaching $5 billion. Officials pledged to share evidence with the Anti-Corruption Commission for potential prosecution of individuals who participated in the schemes.
