New Delhi: The Adani Group on Wednesday denied bribery allegations leveled against its founder by US authorities. Gautam Adanihis nephew Sagar Adani, and Adani Green Energy CEO Vineet Jain. In response to the news, this was denied in a stock exchange filing on November 27.
Calling media reports of Foreign Corrupt Practices Act (FCPA) Violations Against Executives ‘False’, Adani Green Energy said in a statement, “Media articles suggest that some of our directors, namely Gautam Adani, Sagar Adani and Vineet Jain, have been accused of violations by US Foreign Corrupt Practices.” Indictable Practice Act (FCPA) Adani Green Energy said such statements are false.
The filing states that the US Department of Justice (DOJ) indictment contains five counts, none of which name Gautam Adani, Sagar Adani, or Vineet Jain in connection with bribery or obstruction of justice. is not The bribery count specifically names Azure Power executives and a Canadian investor.
Also read: Adani’s Shock 2.0: The US indictment sent shock waves across India and the world.
According to Adani filings, Adani executives are named only in the counts related to the alleged securities fraud and wire fraud. The filing also states that the indictment does not present any evidence of bribes paid to Indian officials by Adani executives, only claims that bribes were discussed or promised. .
“Gautham Adani, Sagar Adani and Vineet Jain are not charged with violating the FCPA in the counts filed in the USDOJ or USSEC civil complaint. The indictment, namely (i ) alleged securities fraud conspiracy, (ii) alleged wire fraud conspiracy, and (iii) alleged securities fraud,” the filing said.
Also read: Moody’s changed the rating outlook of 7 companies of Adani to negative.
Adani Group, a major Indian infrastructure company with global presence in energy and logistics, has seen its market capitalization drop by about $55 billion since the DOJ indictment became public.
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