North News
New Delhi, November 27
Indian conglomerate Adani Group denied US bribery allegations against its founder Gautam Adani, his nephew Sagar Adani, and Adani Green Energy CEO Vneet Jaain, stating the accusations were “incorrect” and lacked evidence. The group reported a $55 billion loss in market value across its 11 listed companies since the U.S. Department of Justice (DoJ) and the Securities and Exchange Commission (SEC) filed charges alleging corruption and fraud.
In a statement filed with stock exchanges, Adani Green Energy Ltd (AGEL) said, “Media articles stating that our directors have been charged with violations of the US Foreign Corrupt Practices Act (FCPA) are incorrect. Gautam Adani, Sagar Adani, and Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the DoJ indictment or the SEC civil complaint.” The indictment and SEC complaint accuse Adani executives of discussing or promising bribes to Indian government officials but fail to provide evidence that bribes were paid. The group emphasized that these allegations rely solely on claims made by former employees of Azure Power and CDPQ, a Canadian investor, the statement said.
Former Indian Attorney-General Mukul Rohatgi criticized the DoJ’s filing, stating it lacked specifics. “It’s challenging to respond to such vague charges,” he said after reviewing the 54-page document. The allegations have triggered significant fallout for the Adani Group, including the cancellation of a Kenya airport project and disruptions to a power deal with Bangladesh. The group, a major player in global infrastructure and energy markets, has also faced heightened scrutiny from investors and strategic partners, he said.
Adani Group, one of India’s largest infrastructure companies, has been expanding its operations in Africa, Bangladesh, Sri Lanka, Israel, and Australia, often competing with US and Chinese entities. The current allegations, however, mark a major setback for its international ambitions.
The group previously suffered a $150 billion market value loss in 2023 after allegations of corporate fraud by short-seller Hindenburg Research. While it had stabilized its position since then, the latest charges renew pressure on the conglomerate’s reputation and financial stability.
