Ashulia File: the BAT paper trailRead the piece Banks Fall First: Bangladesh BankRead the piece Currency of a Siege: yaba and the money trailRead the piece Five-Month Freeze: a petrol pump in DhakaRead the piece Great Tower Robbery: mobile towers in a haor areaRead the piece Meeting That Wasn't: the UN General Assembly hallRead the piece Spread Is the Scandal: an FSRU at an LNG terminalRead the piece Who Runs the Gateway: construction at the Patenga Container TerminalRead the piece $20.7 Billion That Wasn't: Bangladesh Bank at nightRead the piece 28 Taka: villagers wading through floodwaterRead the piece Bangladesh Garment Exports to EU Plunge 13.65% as China, Vietnam Gain Ground: garment workers in BangladeshRead the piece

Independent forensic journalism on Bangladesh's public money

No-Bid Bangladesh · 3 investigations

We read the whole trail, line by line, and publish what it says.

Tk 52,608 crFY27 capacity payments trackedUpdated 22 Sep 2026 · figures board
3active investigations
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UNGA Special Edition

Bangladesh's week at the 81st General Assembly: the maiden address, the five-point Rohingya plan, the legal officer joining the UNGA president's office, and day two's Wall Street close.

New this week

The newsroom's first long-form releases. Three investigations, three essays, and the latest forensic analysis.

Alex Soros meets Muhammad Yunus at State Guest House Jamuna in Dhaka on January 29, 2025Photo: Press Information Department, Bangladesh / Wikimedia Commons, public domain

Investigation · Power Networks

Undocumented Funds, Documented Friends

A 1999 Grameen loan, two Yunus meetings, UNGA handshakes with prime minister and foreign minister, and a $234 billion ask. Access is documented. Money is not.

Workers at a garment factory assembly line in BangladeshPhoto: Tareq Salahuddin / Wikimedia Commons, CC BY 2.0

Analysis · Trade

Bangladesh Garment Exports to EU Plunge 13.65% as China, Vietnam Gain Ground

Eurostat data for Jan-Jul 2026: Bangladesh garment exports to EU fell 13.65% to 10.37 billion euros, steepest decline among major suppliers, while China and Vietnam gained ground.

A petrol pump in DhakaPhoto: Aashaa / Wikimedia Commons, CC BY-SA 4.0

Analysis · Public Finance

Tk 238 Billion in Two and a Half Months Puts $4.0b IMF Programme at Risk

Finance Division disbursed Tk 238 billion of Tk 480 billion full-year power and LNG allocation in two and a half months. IMF wants subsidy benefits restricted to poor; officials expect lender to demand blanket subsidy end and further price hikes before Bangkok meetings in second week of October.

Member-nation map of the Fostering the Future Together coalition, showing 57 flagged countries including BangladeshSupplied graphic; believed issued by the Office of the First Lady (original posting unverified)

Analysis · Geopolitics

Fifty-Seven Nations, One Shopping List

Melania Trump's children's coalition grew from 45 nations to 57, and Bangladesh sits among the original members. Read against the $21.5 billion US trade agreement, the 25 planned Boeing aircraft, and the LNG and wheat contracts, the member map is a receipt for a proximity strategy.

Hazrat Shahjalal International Airport Terminal 2 at night, DhakaPhoto: Jubair Bin Iqbal, CC BY-SA 4.0

Analysis · South Asia

Leverage in Exile

Sheikh Hasina has lived in New Delhi for 780 days while Dhaka has asked for her back three times and Delhi has examined the requests without concluding anything. A tribunal sentenced her to death on live television, and nobody wants the stalemate to end, because everyone is using it.

Fanned-out US hundred-dollar banknotes on a wooden tablePhoto: Milad Mosapoor, public domain

Analysis · Foreign Exchange

Managed Rebound

The taka firmed into a strengthening dollar while the rupee and rupiah fell. Bangladesh Bank is buying dollars to cap the rally, the street prices the dollar 2.4% above the official rate, and the IMF says the bank holds a nearly flat, preferred level.

ERA5 sea-surface temperature anomaly globes for September 13, 1940 to 2025; the 2026 globe shows an intense equatorial warm tongueGraphic: Ben Noll / The Washington Post

Analysis · Climate

El Niño Ties the All-Time Daily Strength Record

The 2026 El Niño hit a 3.07°C daily anomaly, tied for the strongest ever measured. NOAA gives a greater than 90% chance of a very strong event through winter, and the impacts map shows where it lands.

A cutaneous anthrax lesion on the neck, the classic black escharPhoto: CDC / Public Health Image Library, public domain

Investigation · Public Health

Hundred-Year Spore

Anthrax returned to Bangladesh in 2024 and 2025, striking three divisions. Every case was cutaneous, every cluster began with a slaughtered cow, and no death was ever lab-confirmed.

A farmer leading a cow through a flooded paddy field in BangladeshPhoto: Khairul Anam Nafis Sarker, CC BY-SA 4.0

Analysis · Agriculture

6.6-Million-Tonne Question

Bangladesh feeds 180 million people on 6.6 million tonnes of chemical fertiliser a year, 80 percent of it imported. The trials say it can farm with a third less. Sri Lanka says not overnight.

A Biman Bangladesh Airlines Boeing 787-9 Dreamliner taking off at Hazrat Shahjalal International Airport, DhakaPhoto: Md Shaifuzzaman Ayon, CC BY-SA 4.0

Analysis · Aviation

Ledger in the Sky

Biman flies 19 aircraft and may soon have 35 more on order. A committee reversed a viability finding in three days, the Airbus price is undisclosed, and the French ambassador insists the choice was technical, not political.

Two mobile phone towers on a rooftop in a haor area of BangladeshPhoto: Balaram Mahalder, CC BY-SA 3.0

Analysis · Telecom

Great Tower Robbery

16,000 metres of cable, 2,000 batteries, 500 remote radio units stolen in 20 months. The serialized equipment theft says organized crime, and the threat is inside the fence.

The United Nations General Assembly hall in New YorkPhoto: Mojnsen, CC BY-SA 4.0

Analysis · Foreign Affairs

Meeting That Wasn't

Rahman flew to UNGA chasing a Trump meeting. Dhaka ruled it out the day after he arrived. What remains: 25 Boeing jets and a 25.62% garment tariff.

Bangladesh Bank headquarters at Shapla Chattar, Motijheel, at nightPhoto: Abu Nayeem, CC BY 3.0

Correction · Public finance

$20.7 Billion That Wasn't

A viral figure put H1 2026 FDI at $20.7B, up 17%, confirmed by Bangladesh Bank. The central bank's data says roughly one-twentieth of that.

A petrol pump in DhakaPhoto: Aashaa, CC BY-SA 4.0

Analysis · Energy

Five-Month Freeze

BPC lost Tk22,875 crore holding fuel prices flat while import costs doubled. The Tk20 hike fixes a quarter of the bleed.

The LNG carrier Mozah, flagship of Qatar's Nakilat fleetPhoto: Nakilat / Wikimedia Commons, CC BY-SA 4.0

Analysis · Energy

LNG Subsidy Hits Tk10,300 Crore in Three Months

Petrobangla disbursed 70.5 percent of last fiscal year's full LNG subsidy bill in three months. Spot cargoes replaced Qatari supply under force majeure, and every cubic metre sells at Tk23.90 against Tk46.40 import cost.

Bangladesh Bank Bhaban, the central bank's headquarters building

Investigation · No-Bid Bangladesh

Banks Fall First: Bangladesh's Power-Sector-to-Banking-Sector Transmission Chain, FY27-FY30

Capacity payments transmit fiscal stress into a banking system already at 32.26% NPL.

Piling construction works at the Patenga Container Terminal site, Chattogram

Investigation · No-Bid Bangladesh

Who Runs the Gateway: Chattogram Port's Foreign-Operator Concessions

Four terminals, no open tender, and the government's own math saying self-operation wins 3.8 to 1.

The FSRU Excelsior berthed at the Wilhelmshaven LNG terminal, Germany, April 2025Photo: Din21 / Deutsche Energy Terminal, CC BY-SA 4.0

Investigation · No-Bid Bangladesh

Spread Is the Scandal: Bangladesh's LNG Procurement, 2017-2026

No pricing scandal. A process scandal: bilateral deals under a law that suspended procurement rules.

Stylized BAT logotype with a smoke wisp on a black background

Essay · From the Substack

Ashulia File

A company and a state locked in a fight that stopped following its own rules.

Macro photograph of red yaba tablets stamped WY

Essay · From the Substack

Currency of a Siege

How a blockade turned methamphetamine into money on the Naf river.

WFP staff and villagers wading barefoot through floodwater in BangladeshPhoto: Sayed Asif Mahmud, CC BY-SA 4.0

Essay · From the Substack

28 Taka

A viral statistic, a fight about denominators, and the prevention fund nobody discussed.


Delta Watch

The daily intelligence cell, filed day by day: the briefings, and the Friday deep pass. The record of how the story moved.

The entry gate of the National Press Club in Dhaka
The entry gate of the National Press Club in Dhaka.Photo: Md Joni Hossain, CC BY-SA 4.0

Earlier research

The backlog that came before the newsroom's article pages. The current series lives on the Investigations page.

The Jatiya Sangsad Bhaban, Bangladesh's National Parliament House, in DhakaPhoto: Nahid Hossain, CC BY-SA 4.0

Current series

No-Bid Bangladesh: three investigations, one mechanism

The banks, the port, the LNG deals. Read the full series on the Investigations page.

Figures

The numbers this newsroom stands behind. Tracked weekly, revised only when the source moves.

The data desk

Charts, not decoration.

Four views of the same ledger, drawn in the newsroom's own hand. Figures marked tracked come from the weekly figure watch; charts marked sample use illustrative data while the dataset is being built. Hover or tap any mark for the number behind it.

FY27 power money, by line item

tracked

Four line items, one fiscal year · Tk crore

Figure watch · Tk crore · New Age, 06 Jun 2026; The Business Standard, Jun to Sep 2026

The capacity bill: funded vs unfunded

tracked

What the budget covers of the capacity bill

Figure watch · Tk 52,608 cr capacity payments against Tk 37,000 cr subsidy allocation

The second-revision syndrome, plotted

sample

Approved vs revised cost per DPP · ECNEC 6 Apr 2026

On budget / reducedRevised upwardDashed line: no revision

ECNEC 6 Apr 2026 approvals · BSS wire, bdnews24, TBS · Tk crore

BERC's FY27 subsidy arithmetic, as a flow

tracked

How the subsidy requirement breaks down · Tk crore

Figure watch · Tk 56,000 cr required → ~Tk 15,000 cr tariff relief (about Tk 14,200 cr per TBS) → Tk 41,000 cr net → Tk 37,000 cr budgeted

Research & dossiers

Working papers, datasets, and method notes. The audit trail behind the journalism.

Card catalog drawers in the Widener Library reading room, Harvard, circa 1915
The audit trail: working papers, datasets, method notes.Card catalog room, Widener Library, Harvard, c. 1915 · Library of Congress, public domain

The ledger, weekly
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