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The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied, says Adani Group.
US prosecutors have charged billionaire Gautam Adani over his role in an alleged years-long scheme to pay a $250 million bribe to Indian officials. (PTI Image)
Responding to the bribery charges by the US prosecutors, the Adani Group on Thursday said the allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied.
The statement comes after US prosecutors have charged its billionaire owner Gautam Adani over his role in an alleged years-long scheme to pay a $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts.
Adani Group’s Full Statement
“The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied. As stated by the US Department of Justice itself, ‘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,” an Adani Group spokesperson said in a statement
“The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws,” the spokesperson added.
What Is The Issue?
US prosecutors charged Adani, 62, his nephew Sagar and other defendants for paying over $250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than $2 billion in profit. This, they alleged, was concealed from the US banks and investors from whom the Adani group raised billions of dollars for the project.
US law allows pursuing foreign corruption allegations if they involve certain links to American investors or markets.
Gautam Adani, chairman of the ports-to-energy Adani Group, his nephew Sagar R Adani, who is an executive director at the conglomerate’s renewable energy arm Adani Green Energy Ltd, and its former CEO Vneet Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy. The Adanis were also charged in a US Securities and Exchange Commission (SEC) civil case.
The five-count indictment also accuses Sagar and Jaain of breaking federal laws.
