Adani Groups Responds To US Bribery Allegations, Calls Them "Baseless" (Image: X/gautamadani)
In response to the allegations, the Adani Group has frantically denied bribery made by the US Department of Justice and the Securities and Exchange Commission, calling them “baseless.”
“The charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.” All possible legal recourse will be sought,” Adani Group Spokesperson added.
Know more: https://t.co/uNYlCaBbtk pic.twitter.com/fQ4wdJNa9d
— Adani Group (@AdaniOnline) November 21, 2024
The company’s statement revealed that the US Department of Justice and the Securities and Exchange Commission have issued a criminal indictment and civil complaint against Gautam Adani, Sagar Adani, and Vneet Jaain.
Also, Adani Green Energy has decided to scrap its plans for USD-denominated bond offerings due to the ongoing investigation.
Also, read| Gautam Adani Charged With Bribery And Fraud: Billion-Dollar Scandal Defrauding American Investors
The US prosecutors have filed charges against Adani Group Chairman Gautam Adani and other Indian executives, accusing them of involvement in a massive bribery scheme.
As a result of these developments, Adani Green Energy’s subsidiaries have decided to put the bond offerings on hold. The company was planning to raise around $1.5 billion through the bond offerings, which will now be impacted by its further processing.
It was on Wednesday that billionaire Gautam Adani, the founder and chairman of Indian conglomerate Adani Group, was charged in the US with bribery and fraud.
The case has been charged by the US Securities and Exchange Commission (SEC) with allegedly defrauding American investors and bribing officials.
Adani, 62, his nephew Sagar Adani, and other executives of Adani Green Energy Ltd and Azure Power Global Ltd are accused of conspiracy to commit securities and wire fraud, as well as substantive securities fraud.
Also, read| Adani Stocks Plummet Up To 20% After US SEC Charges Gautam Adani With Bribery
The SEC alleges that the bribery scheme was orchestrated to enable renewable energy companies Adani Green and Azure Power to capitalize on a multi-billion-dollar solar energy project awarded by the Indian government.
Adani and his associates allegedly paid over $250 million in bribes to obtain solar energy contracts worth more than $2 billion in projected profits after tax over 20 years.
Following this, the Adani Group companies’ shares fell sharply, with Adani Green Energy Ltd plummeting 16% to Rs 1,185.90 and Adani Enterprises Ltd dropping 10% to Rs 2,538.20.
