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S&P Global Ratings has downgraded the outlook for Adani Ports, Adani Green Energy, and Adani Electricity Mumbai to negative, citing risks to cash flow and funding access following bribery charges against founder Gautam Adani. The US indictment could lead to increased borrowing costs and governance concerns for the Adani Group. Despite these changes, S&P maintained its 'BBB-' rating on Adani Electricity and Adani Ports, and a 'BB+' rating on Adani Green Energy.
Adani Group shares continued to decline following US prosecutors' bribery charges against founder Gautam Adani. Adani Enterprises Ltd. fell by as much as 7.3%, adding to a 23% drop the previous day, while Adani Ports & Special Economic Zone Ltd. decreased by 3.1%, extending a 14% loss. Overall, seven of the ten firms in the group saw declines, with many dollar bonds dropping over 1 cent on the dollar.
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.
Byju Raveendran, founder of Byju’s, allegedly attempted to persuade Nebraska businessman William R. Hailer to flee the U.S. to avoid testifying in federal court. Hailer claimed Raveendran sent him a nearly $10,700 plane ticket to Dubai and offered a $500,000 salary to join him, urging him not to testify about Raveendran's efforts to regain control of Byju’s assets.
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, the billionaire chair of Adani Group, faces potential criminal charges in the U.S. related to a multi-billion-dollar fraud and bribery scheme. The legal proceedings could lead to a lengthy trial as allegations against him unfold.
Former NYPD officer Jason Rodriguez pleaded guilty to conspiracy to commit wire fraud, admitting to deceiving investors in his foreign exchange fund, Technical Trading Team, which lost nearly $3.5 million of the $4.8 million invested. Rodriguez falsely promised safeguards and misappropriated funds for personal luxuries, while his co-founder, Edwin Carrion, also pleaded guilty earlier this year. The Commodity Futures Trading Commission has filed a civil lawsuit against them for misleading investors about their trading practices.
Gautam Adani's conglomerate faces allegations from US prosecutors regarding false statements made to lenders about a bribery investigation. A March 15 Bloomberg News report indicated that Adani Group denied awareness of any investigation against its chairman and claimed full compliance with anti-bribery laws.
Byju Raveendran, founder of Byju’s, allegedly urged a Nebraska businessman to flee the US to avoid testifying in federal court about questionable activities he witnessed involving Raveendran. Just two days before the hearing, Raveendran sent the businessman a plane ticket to Dubai, as new allegations emerged regarding his attempts to use concealed loan proceeds to secretly repurchase a software company.
Alphabet shares fell 6% after the DOJ proposed that Google divest its Chrome browser to address its search monopoly. This move aims to eliminate Google's control over a key access point for users, allowing rival search engines better access. The antitrust case, ongoing for years, found Google in violation of the Sherman Act, with potential remedies lasting a decade.
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S&P downgrades outlook on Adani Group amid bribery allegations and risks
United States Dollar
Adani Electricity Mumbai Ltd.
Adani Ports and Special Economic Zone Ltd.
Adani Green Energy Limited
IND
Gautam Adani
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05:15 22.11.2024
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Adani Enterprises Limited
Adani Ports & Special Economic Zone Ltd.
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04:57 22.11.2024
Adani bribery charges implicate Quebec pension fund executives in scandal
Adani Group
Caisse de Depot et Placement du Quebec
CAN
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Cyril Cabanes
Deepak Malhotra
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byju's founder allegedly tried to evade testimony by offering bribe
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United States Dollar
Adani Enterprises Limited
Adani Group
Azure Power Global Limited
Adani Ports and Special Economic Zone Limited
Adani Green Energy Limited
KEN
USA
IND
Gautam Adani
Sagar Adani
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00:07 22.11.2024
gautam adani faces lengthy trial over fraud and bribery allegations
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former new york cop pleads guilty to forex fund fraud scheme
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19:13 21.11.2024
doj calls for google to divest chrome amid antitrust concerns
18:35 21.11.2024
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