New Delhi: Adani Group Chairman Gautam Adani, his nephew Sagar Adani, and senior executive Vneet Jaain have been cleared of any bribery charges, according to the latest filings with the stock exchanges by Adani Green Energy Ltd. (AGEL). The filing refutes media reports claiming the three were involved in bribery or corruption under the US Foreign Corrupt Practices Act (FCPA).
In its official filing, AGEL dismissed recent news reports that suggested Adani officials had been charged by the US Department of Justice (DoJ) and the US Securities and Exchange Commission (SEC) with violations of the FCPA. The filing states, "Such statements are incorrect," and clarifies that none of the Adani executives, including Gautam Adani, Sagar Adani, and Vneet Jaain, were named in the indictment for violating the FCPA.
The US DoJ’s indictment, which includes five counts, does not charge any Adani official in the key count related to "Conspiracy to Violate the FCPA" or "Conspiracy to obstruct justice." Instead, the indictment targets individuals from Azure Power, a rival energy company, including Ranjit Gupta, Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra, and Rupesh Agarwal.
Adani's filing further clarified that the charges against Adani executives were limited to Count 2, which relates to "Alleged securities fraud conspiracy," Count 3 for "Alleged wire fraud conspiracy," and Count 4 for "Alleged securities fraud." The filing emphasized that there is no evidence of bribes paid by Adani executives to government officials in India, stating that the charges are based on mere claims and hearsay from former employees of Azure Power.
The Adani Group criticized the flawed interpretation of the DoJ’s indictment by various media outlets, both foreign and Indian, which led to "incorrect and reckless" reporting. The company argued that these reports had caused significant damage, including international project cancellations, a decline in market capitalization, and increased scrutiny from investors and strategic partners.
Adani Group, India’s largest infrastructure player, has a significant presence in the global energy and logistics sectors. In recent years, the conglomerate has expanded its operations internationally, competing directly with several US and Chinese companies across markets in Africa, Bangladesh, Sri Lanka, Israel, Australia, and more.
Since the announcement of the US DoJ indictment, Adani Group’s market value has plummeted by nearly $55 billion across its 11 listed companies.
With IANS inputs