Adani Group denies bribery allegations from US Justice Department, Securities and Exchange Commission
KATHMANDU: Adani Group on Thursday refuted allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green, describing them as baseless, ANI reported.
In an official statement, a spokesperson for the Adani Group declared that all legal avenues would be pursued. "The allegations brought by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied," the statement asserted.
The statement further highlighted a critical aspect of the legal process: "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."
Reaffirming its dedication to high standards of governance, compliance, and transparency, the Adani Group said, "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."
In response to these allegations, Adani Green Energy notified stock exchanges that its subsidiaries have decided to defer their planned US dollar-denominated bond offerings. "In light of these developments, our subsidiaries have presently decided not to proceed with the proposed US dollar-denominated bond offerings," the statement read.
US prosecutors have charged Gautam Adani and others in an alleged solar energy contract bribery case. A five-count criminal indictment has been unsealed in the United States District Court for the Eastern District of New York, charging prominent Indian executives, including Chairman of the Adani Group Gautam Adani, linking them to an alleged bribery and fraud scheme.
According to the US Attorney's Office for the Eastern District of New York, "A five-count criminal indictment was unsealed in federal court charging Gautam Adani, Sagar R Adani, and Vneet S Jaain with conspiracies to commit securities and wire fraud, and substantive securities fraud, for their roles in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions based on false and misleading statements."
The indictment also names Ranjit Gupta and Rupesh Agarwal, former executives of a renewable energy company with securities that had traded on the New York Stock Exchange, and Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra, former employees of a Canadian institutional investor, with conspiracy to violate the Foreign Corrupt Practices Act in connection with the alleged bribery scheme.
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