The Adani Group, a global business conglomerate, has strongly refuted allegations of bribery brought forth by the U.S. Department of Justice (DoJ) and the Securities and Exchange Commission (SEC). The charges, which claim that key executives, including Gautam Adani, were involved in bribery schemes related to solar energy contracts, have been labeled as "baseless" by the group.
In a formal statement on November 21, the Adani Group emphasized its adherence to governance and legal compliance across its global operations. "We assure our stakeholders, partners, and employees that we are a law-abiding organization, fully compliant with all laws," the group stated. They also reaffirmed their commitment to maintaining transparency and ethical practices in all jurisdictions.
The charges are part of a 54-page indictment alleging that over $250 million in bribes were promised to secure Indian government contracts. These allegations have sent shockwaves across markets, with shares of Adani Green and other subsidiaries experiencing fluctuations. Despite these challenges, the group remains resolute, highlighting the presumption of innocence under U.S. law and pledging to pursue all possible legal recourse.
In the wake of the allegations, Adani Green has decided to defer its proposed Dollar bond offerings. While this decision reflects the immediate impact of the indictment, Adani's operations in Singapore and other global markets remain robust.
Adani Group Media Statement
"The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied.
As stated by the US Department of Justice itself, "the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty." All possible legal recourse will be sought.
The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws."
