Adani Bribery Case Highlights
Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of an elaborate scheme to pay $265 million (about ₹2,200 crore) bribe to Indian officials in exchange for favourable terms for solar power contracts. The bombshell allegations, which Adani group denied saying it is innocent until proven guilty, may have a widespread fallout. Here are all the highlights from today’s coverage.
Adani Bribery case Highlights: Opposition demands JPC probe in Adani Group’s dealings, to raise matter in winter session of Parliament
Adani Bribery Case Highlights: Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of an elaborate scheme to pay $265 million (about ₹2,200 crore) bribe to Indian officials in exchange for favourable terms for solar power contracts.
The bombshell allegations, which Adani group denied saying it is innocent until proven guilty, may have a widespread fallout ranging from reputational risk to the conglomerate, inability to raise funds from the US market and the billionaire being forced to restrict his overseas travels to opening a political pandora’s box that will give the Opposition another tool to target the government just as Parliament meets for the winter session, starting Monday.
Adani, India’s second-richest man, and seven others, including his nephew Sagar, have been charged by the US Department of Justice with paying bribes to unidentified officials of state governments in Andhra Pradesh and Odisha to buy expensive solar power, potentially earning more than USD 2 billion in profit over 20 years.
Prosecutors said the US started an investigation in 2022. They alleged that the group raised $2 billion in loans and bonds, including from US firms, on the backs of false and misleading statements related to the firm’s anti-bribery practices and policies as well as reports of the bribery probe.
Adani Group stocks lost ₹2.3 lakh crore in market capitalisation on Thursday following bribery charges against Chairman Gautam Adani and other group executives by a US District Court and the US Securities & Exchanges Commission. Shares of the flagship Adani Enterprises ended with losses of 23%, followed by Adani Green and Adani Energy Solutions, both of which fell up to 20% each. Other group stocks also fell between 10% to 20%. Earlier this afternoon, the Adani Group clarified that it is compliant with all regulations and all the allegations are “baseless.” It also said that it will seek all possible legal recourse.
