After the US prosecutors in New York indicted Adani Group Chairman Gautam Adani, his nephew Sagar Adani and six others in a $265 million bribery case, Adani Group denied the allegations, calling it ‘baseless’.
In a statement, Adani Group spokesperson said, “As stated by the US Department of Justice itself, “the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.” All possible legal recourse will be sought.”
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The company spokesperson further added, “The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws.”
Earlier, US prosecutors, in a press release, said that Gautam Adani has been indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme. Authorities said that Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India’s largest solar power plant project.
In another development post the indictment by the US, Adani Green Energy had announced that the company has decided not to proceed with its plan to raise $600 million through US dollar bonds.
In a regulatory filing, Adani Green said, “The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against our Board members, Gautam Adani and Sagar Adani. The United States Department of Justice have also included our Board member, Vneet Jaain, in such criminal indictment. In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD denominated bond offerings.”
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