Indian billionaire Gautam Adani, chairman of the Adani Group, has been indicted in the United States on charges of fraud and bribery. Federal prosecutors in New York allege that Adani, along with seven other executives—including his nephew, Sagar Adani—participated in a scheme to pay approximately $265 million in bribes to Indian government officials between 2020 and 2024. These alleged payments were intended to secure favorable terms for solar energy contracts, which were projected to generate over $2 billion in profits.
The indictment has had significant repercussions for the Adani Group. Shares in Adani Group companies, including Adani Green Energy, have experienced a sharp decline, with some reports indicating a 20% drop in stock value. In response to the allegations, Adani Green Energy withdrew a planned $600 million U.S. bond sale.
The U.S. Securities and Exchange Commission (SEC) has also filed a civil case against Adani Green Energy, alleging that the company issued misleading financial statements to raise funds.
This legal action follows previous allegations against the Adani Group. In January 2023, Hindenburg Research accused the conglomerate of stock manipulation and accounting fraud, leading to a significant loss in market value.
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