B Mirror Report: The auditor has identified widespread irregularities and accounting discrepancies in the audited financial statements of Power Grid Bangladesh PLC, a state-owned enterprise listed on the stock market, for the fiscal year 2024–25. In the report for the year ended 30 June 2025, the auditor issued a “Qualified Opinion” and an “Emphasis of Matter.” This means that the auditor has raised serious objections regarding the accuracy of the financial information provided by the company and its compliance with international accounting standards.

According to the auditor’s report, Power Grid capitalized unrealized foreign exchange losses amounting to BDT 4,715 crore and 33 lakh up to 30 June 2025. Under international accounting standards, such losses should be recognized in the profit and loss account of the relevant year, but the company failed to do so. As a result, the report notes that the true picture of the company’s profits and losses has been obscured.

Questions have also been raised regarding the company’s fixed assets worth BDT 27,436 crore and 76 lakh. Although regulations require an “impairment test” or valuation assessment of assets, Power Grid has never conducted such tests. In addition, while land assets worth BDT 1,410 crore and 22 lakh have been shown in the accounts, the auditor was unable to confirm legal ownership of many plots transferred from the Bangladesh Power Development Board (BPDB) due to the absence of proper registration and no-objection certificates. Furthermore, out of receivables totaling BDT 1,115 crore and 63 lakh, disputed receivables of BDT 170 crore and 75 lakh from BPDB and the Rural Electrification Board are considered unlikely to be recovered, yet no provision has been made against them.

Significant discrepancies were also found in loan and interest accounts. The company could not produce any supporting documents for loans amounting to BDT 359 crore and 92 lakh taken from DPDC, and even DPDC’s own audit report makes no mention of any such receivable from Power Grid. Moreover, the auditor stated that interest on foreign loans was understated by BDT 206 crore and 41 lakh. The company is also not following the approved repayment schedule for loan installments, which could expose the organization to even greater financial risks in the future, the report warned.