Adani Group Refutes US Allegations of Bribery Involving Gautam Adani and Nephew {update}

Adani Green Energy Ltd (AGEL) has addressed recent media reports linking its executives to allegations of bribery, asserting that neither Gautam Adani, Sagar Adani, nor senior executive Vneet Jaain face charges under the US Foreign Corrupt Practices Act (FCPA). The company issued a detailed statement clarifying the nature of the accusations and dismissing claims of FCPA violations as inaccurate.

Key Points from Adani Green’s Statement

• No Bribery Allegations: AGEL emphasized that the charges in the US Department of Justice (DOJ) indictment and the US Securities and Exchange Commission (SEC) civil complaint do not include bribery or corruption allegations.
• Clarified Charges: The indictment outlines three charges against Gautam Adani, Sagar Adani, and Vneet Jaain:
  1. Alleged securities fraud conspiracy.
  2. Alleged wire fraud conspiracy.
  3. Alleged securities fraud.
• Media Reports Termed Misleading: AGEL highlighted inaccuracies in media articles, urging readers not to be misled by speculative information.

Andhra Pradesh Power Deal Under Scrutiny

Separately, the Andhra Pradesh government has announced a review of its contract with the Solar Energy Corporation of India (SECI). This follows allegations by prosecutors in New York that the Adani Group paid approximately $265 million in bribes to officials across Indian states to secure renewable energy contracts. While the allegations are yet to be proven, the state is evaluating its legal options, including the potential cancellation of the contract.