Amidst the ongoing crisis being faced by Adani Group wherein its chairman Gautam Adani, his nephew Sagar Adani and six others are indicted by a US court in a $265 million bribery case, TotalEnergies SE said that it will not make any new financial contribution as part of its investments into the Adani Group companies.
“Until such time when the accusations against the Adani group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani group of companies,” the company said in a statement released on Monday.
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The French petroleum giant affirmed that the investments in Adani entities were undertaken in full compliance with applicable laws. TotalEnergies had, in January 2021, acquired a minority interest in Adani Green Energy of which it now owns 19.75 per cent. Total also owns a 37.4 per cent stake in Adani Total Gas, as well as a 50 per cent stake in three renewable joint ventures with Adani Green Energy.
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It said, “TotalEnergies recalls that its investments in Adani’s entities were undertaken in full compliance with applicable laws, and with TotalEnergies’ own internal governance processes pursuant to due diligence and representations made by the sellers. In particular, TotalEnergies was not made aware of the existence of an investigation into the alleged corruption scheme.”
TotalEnergies rejects corruption in any form, the company added.
“TotalEnergies has learnt through public announcements made by the US authorities of the indictment of certain individual Adani group executives in relation to an alleged corruption scheme linked to the business of Adani Green Energy Limited (AGEL). This indictment does not target AGEL itself, nor any AGEL related companies,” it said.
“TotalEnergies, which is not targeted nor involved in the facts described by such indictment, will take all relevant actions to protect its interests as minority (19.75%) shareholder of AGEL and as a joint-venture partner (50%) in project companies with AGEL,” the company stated.
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