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Gautam Adani has addressed U.S. bribery allegations involving a $265 million scheme, asserting his group's commitment to regulatory compliance. The indictment has triggered significant repercussions, including a review of a power deal and investment pauses from partners like TotalEnergies. Despite the challenges, Adani remains resolute, stating that adversity strengthens the Adani Group.
Adani Group CFO Jugeshinder Singh has firmly denied U.S. allegations implicating executives, including Chairman Gautam Adani, in a $265 million bribery scheme related to Indian solar power contracts. Singh stated, "We reject all of this strongly," emphasizing that no such payments occurred. Meanwhile, the Indian government confirmed it has not received any requests from U.S. authorities regarding the case.
Crisil Ratings has reported that the Adani Group maintains sufficient liquidity and operational cash flows to meet its debt obligations, with no negative actions from lenders or investors following the recent US indictment of its key executives for securities fraud and related charges. The group has the flexibility to adjust discretionary capital expenditures based on market conditions, supported by a healthy EBITDA and cash balance that lessens reliance on external debt. On November 20, 2024, the US Department of Justice and the SEC issued an indictment and civil complaint against Gautam Adani, Sagar Adani, and Vneet Jaain, alleging violations related to misleading statements in bond offering documents concerning anti-bribery and anti-corruption policies.
Adani Green Energy shares surged 19% as the Adani Group rebounded amid ongoing U.S. legal challenges, following a statement refuting bribery allegations against chairman Gautam Adani. The stock has recovered significantly since a sharp decline in November, reflecting cautious investor sentiment despite the indictment for alleged bribery and fraud. Analysts suggest that the group's strong government backing and liquidity may mitigate the impact of these legal issues on its growth prospects.
Adani stocks surged by up to 7% following a clarification from Adani Green Energy regarding recent bribery allegations against founder Gautam Adani. The company stated that neither Gautam Adani, Sagar Adani, nor Vneet Jaain face any bribery or foreign corruption charges under the FCPA, but rather allegations pertain to securities fraud conspiracy and wire fraud conspiracy.
Adani Green Energy Limited clarified that its executives, including Gautam Adani, Sagar Adani, and Vneet Jaain, are facing charges related to alleged securities fraud conspiracy and wire fraud conspiracy, but not bribery or corruption under the US Foreign Corrupt Practices Act. The company emphasized that there are no allegations of FCPA violations against them, countering recent media reports.
Gautam Adani and his associates have not been charged under the US Foreign Corrupt Practices Act, according to a statement from Adani Green Energy Ltd. The Department of Justice's indictment does not include any mention of Gautam Adani, Sagar Adani, or Vneet Jaain in relation to FCPA violations.
Adani Group faces escalating challenges as U.S. authorities indict its founder on bribery and fraud charges, leading to a significant selloff in its stocks and bonds. Major partners, including TotalEnergies and the Kenyan government, have halted investments, while the U.S. International Development Finance Corp reviews its agreements with the conglomerate. The situation has prompted scrutiny from Indian regulators and calls for further investigation into the group's financial practices.
Gautam Adani and seven others face U.S. bribery charges linked to a single contract of Adani Green Energy, representing about 10% of its business. The group’s CFO emphasized that no other companies within the conglomerate are implicated, while the indictment has already impacted share prices and led to the cancellation of significant deals in Kenya. Adani has denied the allegations, calling them baseless, and plans to provide further comments pending legal approval.
Indian billionaire Gautam Adani and his nephew, Sagar Adani, have been summoned by the US Securities and Exchange Commission to address allegations of paying over $250 million in bribes for solar-power contracts. The summons were delivered to their homes in Ahmedabad, with a response required within 21 days, or a default judgment will be issued against them, according to a notice from the New York Eastern District Court.
Sagar Adani
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