Adani Group Refutes US Bribery Allegations, Maintains Innocence
Moneylife Digital Team 21 November 2024
The Adani group has vehemently denied the allegations made by the US department of justice and the Securities and Exchange Commission (SEC) against directors of Adani Green, terming them 'baseless'.
 
In a media statement released on 21 November 2024, the Adani group categorically denied the bribery allegations levelled by the by the U.S. Department of Justice and the Securities and Exchange Commission. The company's spokesperson emphasised the preliminary nature of the charges, highlighting the legal principle of presumption of innocence.
 
The spokesperson for the conglomerate emphasized that the charges are mere 'allegations,' and the defendants are 'presumed innocent unless and until proven guilty,' as stated by the US department of justice itself. The Adani group has pledged to pursue all available legal avenues to address these accusations.
 
The group asserted its commitment to upholding the highest standards of governance, transparency, and regulatory compliance across all its operations and jurisdictions.
 
"We are a law-abiding organisation, fully compliant with all laws," the statement emphasised, directly challenging the SEC and DOJ's allegations of a massive bribery scheme involving renewable energy project contracts. The Adani group's response signals its intention to vigorously defend against the charges and maintain its reputation in the global business community.
 
The controversy stems from a comprehensive investigation by US authorities into the Adani group's renewable energy operations. The US Securities and Exchange Commission (SEC) and the U.S. Attorney's Office for the Eastern District of New York have filed civil and criminal charges against Gautam Adani, his nephew Sagar Adani, and other executives of the Adani group. The initial SEC complaint accused the executives of offering to pay 'hundreds of millions of dollars in bribes' to Indian government officials to obtain energy purchase contracts at above-market rates.
 
The legal actions include a five-count criminal indictment unsealed in federal court in Brooklyn which alleges conspiracies to commit securities and wire fraud. The charges specifically target executives from Adani Green Energy Ltd and Azure Power Global Ltd, suggesting a broader investigation into the renewable energy sector's procurement practices. The US authorities claim the scheme involved falsifying statements to attract approximately US$750mn (million) in investments, including around US$175mn  from US investors, while simultaneously attempting to manipulate government contract negotiations through alleged corrupt practices.
 
We have covered it in detail through our previous article below:
 
 
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