Adani US indictment: Bangladesh panel for power pacts' review, including Adani group's

DHAKA: The national review committee of Bangladesh's power and energy ministry on Sunday recommended a review of major power contracts awarded by the ousted Sheikh Hasina govt, including the one to Adani Group in Jharkhand.

A statement issued by chief adviser Muhammad Yunus's office said the committee is currently reviewing seven major energy and power projects, including the Adani (Godda) BIFPCL 1234.4 MW coal-fired plant. Adani (Godda) BIFPCL is a wholly-owned subsidiary of Adani Power. The panel has proposed a review by a reputed law firm and global investigative agency.

The development comes at a time when Adani Power awaits its delayed payments.

Meanwhile, in an extraordinary resolution, the committee, headed by retired high court judge Moyeenul Islam Chowdhury, stated that it needed more time to further analyse all contracts.

The panel is gathering evidence that may lead to the potential renegotiation or cancellation of contracts in accordance with international arbitration laws and proceedings, the review committee said in its resolution. "To facilitate this, we recommend the immediate engagement of one or more top-quality international legal and investigative firms to assist our committee," it said.

The panel emphasised that it wants to ensure its investigations align with international standards and will be acceptable in international negotiations and arbitration.

Adani Group had recently sent a letter to the Yunus govt over its unpaid $800 million power supply bill while Bangladesh's state-run Power Development Board said they had already paid $150 million despite its dollar crisis and was expecting to pay the full amount.

Adani's Godda thermal plant was set up exclusively to supply power to Bangladesh but India recently changed a law allowing the Indian company to sell the Godda power in the domestic market sparking speculation if Bangladesh would get dedicated power supply from the plant.