NEW DELHI: The Adani Group on Wednesday denied bribery allegations made by US authorities against its founder Gautam Adani, his nephew Sagar Adani, and Adani Green Energy CEO Vneet Jaain. The denials were made in a stock exchange filing on November 27th, in response to news reports.
Calling media reports of Foreign Corrupt Practices Act (FCPA) violations against the executives ‘incorrect,’ Adani Green Energy said in a statement, “Media articles state that certain of our directors namely Gautam Adani, Sagar Adani and Vneet Jaain have been charged with violation(s) of the US Foreign Corrupt Practices Act (FCPA) in the indictment. Such statements are incorrect,” the Adani Green Energy statement said.
The filing clarifies that the US Department of Justice (DOJ) indictment lists five counts, none of which name Gautam Adani, Sagar Adani, or Vneet Jaain in connection with bribery or obstruction of justice. The bribery count specifically names executives from Azure Power and a Canadian investor.
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According to the Adani filing, the Adani executives are only named in counts related to alleged securities fraud and wire fraud. The filing also states the indictment offers no proof of bribes paid to Indian officials by Adani executives, only claims that bribes were discussed or promised.
“Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or civil complaint of the US SEC. These directors have been charged on three counts in the criminal indictment, namely (i) alleged securities fraud conspiracy, (ii) alleged wire fraud conspiracy, and (iii) alleged securities fraud,” the filing said.
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The Adani Group, a major Indian infrastructure company operating globally in energy and logistics, has seen a market capitalization drop of approximately $55 billion since the DOJ indictment became public.