US bribery charges against Indian billionaire Gautam Adani have implicated Caisse de Depot et Placement du Quebec, one of Canada’s largest public pension managers. Three former employees, including managing director Cyril Cabanes, face conspiracy charges related to violations of the Foreign Corrupt Practices Act.
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.
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