BUSINESS-ECONOMY
The Adani group faces growing global scrutiny over its energy projects, with investigations underway in multiple countries. In Bangladesh, a review committee formed by the interim government has recommended a full investigation into major power agreements signed during the regime of former prime minister Sheikh Hasina. “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,” read a statement. Among these agreements is the $2 billion Godda thermal power plant deal with the Adani group, part of a broader network of energy projects under review. The committee has gathered evidence suggesting that several of these contracts could be reconsidered or scrapped due to legal and procedural irregularities. The committee has called for the appointment of international legal and investigative agencies to assist in this review. This investigation follows a broader pattern of allegations of corruption tied to the Adani group, which is also under investigation for alleged bribery in the United States. The US Securities and Exchange Commission is investigating the Adani group over allegations of bribery to secure solar contracts in India, which has led to a downgrade of the credit outlook for several Adani companies. Along with Bangladesh, Sri Lanka is also examining Adani’s involvement in the energy sector. According to The Morning, the company’s wind power projects in Mannar and Pooneryn, valued at $500 million, have raised concerns over a lack of competitive bidding and inflated pricing. The wind energy contracts, awarded without a competitive process, have faced backlash over a revised tariff rate, which is higher than the initial recommendation. This has sparked concerns about the financial implications for Sri Lanka, which is already grappling with an economic crisis. The Sri Lankan cabinet is now set to review the financial and environmental feasibility of these projects, and activists are calling for greater transparency. These concerns have only intensified as the global investigation into Adani’s practices casts a long shadow over its international operations. Similarly, in Kenya, the Adani group’s energy contracts were cancelled recently. These developments add to growing international scrutiny of the Adani group’s business practices, particularly in emerging economies. (With inputs from agencies) A journalist, writing for the WION Business desk. Bringing you insightful business news with a touch of creativity and simplicity. Find me on Instagram as Zihvee, tr None
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