Adani Row: Billionaire Gautam Adani and his nephew Sagar Adani have not been charged with any violation of the US Foreign Corrupt Practices Act (FCPA) in an indictment filed by US authorities in court in a bribery case.
Gautam Adani, founding chairman of Ports-to-Energy Group, Sagar Adani and another key executive, Vineet Jain, have been charged by the US Department of Justice over an alleged scheme to pay $265 million in bribes to officials Indians, the group said Wednesday has been accused of being part of. Win contracts to supply solar energy that will generate $2 billion in benefits over a 20-year period.
In a stock exchange filing, Adani Green Energy Ltd., which is at the center of the bribery allegations, said reports claiming the trio has been accused of FCPA violations are “incorrect.” You have been charged with a crime punishable by fine or fine.
“Gautam Adani, Sagar Adani and Vineet Jain have not been charged with any violation of the FCPA in the matters set forth in the US Department of Justice indictment or the US SEC civil complaint.” The same document said: “These directors have been charged in the criminal indictment with three counts, namely, (i) alleged conspiracy to commit securities fraud, (ii) alleged conspiracy to commit wire fraud, and (iii) alleged securities fraud.”
Adani Group has denied all allegations and said it will use all possible legal remedies to defend itself.
The United States Department of Justice has filed a criminal indictment in the United States District Court for the Eastern District of New York against Gautam Adani, Sagar Adani, and Vineet Jain. “The amount of any fine/penalty has not been specified in the indictment,” the company said.
The civil suit alleges that the officials violated certain sections of, it says, the Securities Act of 1933 and the Securities Act of 1934, and aided and abetted Adani Green Energy Limited in violation of the laws.
“Although the complaint seeks an order directing defendants to pay a civil monetary penalty, it does not state the amount thereof.”
