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Bangladesh plans to review seven electricity supply contracts, including the one with Adani Power Ltd., signed during former Prime Minister Sheikh Hasina’s rule.
The national review committee of Bangladesh’s power ministry asked for “one or more top quality international legal and investigative firms” to assist it, the Muhammad Yunus-led interim government said in a statement on Sunday. The move coincides with US prosecutors indicting Adani Group Chairman Gautam Adani and seven others for allegedly offering bribes to Indian government officials.
The committee, led by a retired judge, is collecting evidence that may lead to potential renegotiation or cancellation of contracts, according to the statement. It wants to ensure that its investigations are “in line with international standards and will be acceptable in international negotiations and arbitration,” the government said.
Bangladesh, which is recovering from a violent regime change, paid $97 million to Adani Power last month and opened a letter of credit worth $170 million. The High Court in Bangladesh last week ordered the government to form a committee to look into the agreements. The committee is expected to file its report in two months.
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