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.
