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Home National & International

No Bribery Charges Against Gautam Adani, Nephew, Clarifies Adani Group Amid US Allegations

The Adani Group dismisses bribery claims, clarifying no charges were filed against Gautam Adani, Sagar Adani, or Vneet Jain under the US Foreign Corrupt Practices Act (FCPA).

Lagatar News by Lagatar News
November 27, 2024
in National & International
Adani Group Abandons $600 Million Bond Deal Amid US Bribery Charges
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Lagatar24 Desk

New Delhi: The Adani Group has categorically denied bribery allegations involving its chairman Gautam Adani, nephew Sagar Adani, and senior executive Vneet Jain in a US indictment. In a recent stock exchange filing, the conglomerate labeled media reports on the matter as “incorrect” and based on a “flawed understanding” of the indictment by the US Department of Justice (DoJ).

According to the Adani Group, the indictment outlines five charges, but neither the conspiracy to violate the Foreign Corrupt Practices Act (FCPA) nor the conspiracy to obstruct justice mentions the three directors. The allegations primarily concern individuals associated with Azure Power and its largest shareholder, Canadian investor CDPQ.

Adani Group’s Statement

The group emphasized, “No evidence supports claims that bribes were paid by Adani executives to Indian government officials. Allegations in the indictment are based on discussions and promises rather than actual transactions.”

Senior lawyer Mukul Rohatgi reinforced this, stating, “There’s no detail in the chargesheet about who was bribed.”

The Adani Group also condemned what it described as “reckless false reporting” that has led to severe repercussions, including the loss of nearly $55 billion in market capitalization, international project cancellations, and scrutiny from investors and strategic partners.

Global Competition and Strategic Repercussions

Adani Group’s extensive global operations in energy and logistics have placed it in direct competition with major US and Chinese companies. The group asserts that these allegations may have geopolitical undertones, as they coincide with its rising influence in key international markets, including Africa, Israel, Sri Lanka, and Australia.

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