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Andhra Pradesh Chief Minister N. Chandrababu Naidu is closely monitoring the Adani bribery allegations and plans to take appropriate actions following a thorough review of the U.S. indictment involving Gautam Adani. The charges highlight a bribery attempt to secure power purchase agreements under the previous YSRCP government, which Naidu claims has a history of corruption and administrative failures.
Indian billionaire Gautam Adani and his nephew Sagar have been indicted for allegedly bribing officials in a $265 million scheme to secure power-supply contracts. The fallout has led to a significant drop in Adani Group's market value, with shares plummeting and Kenya canceling a major airport deal with the conglomerate. U.S. authorities claim the Adanis misled investors while raising over $3 billion by concealing corruption.
Gautam Adani and executives from Adani Group face U.S. federal charges for a massive bribery scheme involving $265 million in bribes to Indian officials to secure energy contracts. The allegations have led to significant market repercussions, including steep declines in Adani's stock and bond values, raising concerns about foreign investment in India. The SEC has labeled the actions a "massive bribery scheme," while Adani Group denies the allegations, asserting its commitment to governance and compliance.
Shares of Adani Group plummeted after chairman Gautam Adani was indicted in a New York federal court for allegedly orchestrating a $250 million bribery scheme to secure solar energy contracts. Adani Enterprises fell 10%, while Adani Green Energy dropped 17.28%. The indictment also implicated two executives from Adani Green Energy and several former employees of Azure Power Global, amid ongoing scrutiny following previous allegations of accounting fraud by Hindenburg Research.
CDPQ announced the termination of former employees charged in a U.S. indictment for allegedly bribing Indian government officials. The pension fund, which has significant investments in India, stated that it is cooperating with U.S. authorities regarding the case involving former employees and Indian billionaire Gautam Adani.
Indian billionaire Gautam Adani has been indicted in New York for allegedly orchestrating a bribery scheme involving Indian officials to secure solar power contracts worth billions. Alongside seven executives, including his nephew, he faces charges of securities fraud and conspiracy, which could exacerbate the ongoing public relations crisis for Adani Group following previous allegations of accounting fraud. The SEC claims that the defendants misled US investors about their anti-bribery compliance while raising significant capital during the scheme.
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Andhra Pradesh government to take action on Adani bribery allegations
12:53 22.11.2024
us indictment of adani group triggers market turmoil and airport deal cancellation
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00:07 22.11.2024
adani group faces serious allegations of bribery and fraud in us investigation
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18:47 21.11.2024
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04:56 21.11.2024
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04:36 21.11.2024
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22:39 20.11.2024
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