Bangladesh’s National Review Committee has found extensive evidence of irregularities and corruption in the power purchase agreement with India’s Adani Power.
The committee has strongly recommended that the government move to an international arbitration tribunal in Singapore annul the contract.
The committee has also uncovered information about illegal transactions worth several million US dollars involving seven to eight individuals linked to the deal, which has been forwarded to the Anti-Corruption Commission (ACC) for further investigation.
Adani Power, however, claims it has not received the committee’s report or any formal communication on the matter.
Members of the committee disclosed the findings at a press conference held at the Power Division on Sunday.
Committee member Professor Moshtak Hossain Khan said the corruption-related evidence identified in the Adani deal is unusually strong for an international-standard case. Preliminary findings indicate that several million US dollars were exchanged illegally in return for the contract. Documentary evidence, including travel records of those involved, has been submitted to the ACC.
He added that no evidence of transactions involving the personal accounts of former prime minister Sheikh Hasina has been found.
According to the report, Bangladesh is paying 4–5 cents more per unit for electricity from Adani compared to power imported from other Indian sources. By 2025, the price is expected to rise to 14.87 cents per unit. This would result in Bangladesh paying an additional $400–500 million annually over the 25-year duration of the agreement.
The report also highlights clauses that require Bangladesh to bear losses suffered by Adani due to India’s internal political factors.
The committee questioned why the power plant was built in Godda, Jharkhand, instead of in Bangladesh. It described the process of importing coal from Australia or Indonesia to Jharkhand, generating electricity there, and transmitting it to Bangladesh as highly costly and irrational. No records were found at the Bangladesh Power Development Board (BPDB) indicating that this issue was ever discussed.
Committee chief Justice Moinul Islam Chowdhury said: “The ball is now in the power division’s court. They must decide whether to initiate legal proceedings. Given the limited tenure of the current government, we hope the next government will also take appropriate action.”
The committee has also warned that delays could weaken Bangladesh’s position in international arbitration.
In a separate statement, Adani Power said it has not received the review committee’s report or any formal communication regarding the findings. The company said it continues to supply nearly 10% of Bangladesh’s total electricity demand despite significant outstanding dues, but warned that operations could be affected if the arrears are not cleared promptly.
The five-member committee, headed by Justice Moinul Islam Chowdhury, was formed on September 5, 2024, and submitted its final report to the ministry on January 20.
