well known Industrialist Gautam Adani has been accused by US prosecutors of paying bribes in India. Following this, huge selling was seen in Adani Group shares today. Adani Group’s reaction on the matter has now come to light. Adani Group has completely rejected these allegations. The group said in a press release: ‘The allegations leveled against the directors of Adani Green by the US Department of Justice and the US Securities and Exchange Commission are baseless. We reject these accusations.
All possible legal remedies will be taken.
“As the US Department of Justice itself stated, “the charges presented in the indictment are the same and the defendants are presumed innocent until proven guilty,” Adani Group said in the statement. All measures will be taken legal possible. The statement further said: “The Adani Group has always adhered to the highest standards and is firmly committed to maintaining governance, transparency and regulatory compliance in all its operational areas. We assure our stakeholders, partners.” and employees that we are a respectful organization of the law and that we fully comply with all laws.
What is the problem?
Industrialist Gautam Adani has been accused by US prosecutors of paying $250 million in bribes to Indian officials in exchange for favorable terms for solar energy contracts in India. U.S. prosecutors accused Adani, his nephew Sagar Adani and others of paying more than $250 million in bribes to Indian government officials between 2020 and 2024 to obtain solar energy contracts. It is estimated that this could mean a benefit for the group of more than two billion dollars.
What did the federal prosecutor say?
US prosecutors alleged that all of this was hidden from US banks and investors from whom the Adani Group had raised billions of dollars for the project. U.S. law allows corruption charges to be brought in foreign countries involving their investors or markets. “The defendants orchestrated an elaborate conspiracy to bribe Indian government officials to obtain contracts worth billions of dollars,” Brian Peace, U.S. Attorney for the Eastern District of New York, said in a statement.
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