Last updated on December 11th, 2024 at 03:55 pm
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:
- Alleged securities fraud conspiracy.
- Alleged wire fraud conspiracy.
- 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.
AGEL’s Response to Media Reports
Adani Green’s statement addressed the spreading misinformation, stating:
“Mr. Gautam Adani, Mr. Sagar Adani, and Mr. 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 the civil complaint of the US SEC. These directors have been named in connection with alleged securities and wire fraud conspiracies.”
The company reiterated that the charges solely pertain to these allegations and not to any bribery-related misconduct.
Market Impact and Future Developments
The controversy has stirred discussions among market stakeholders and investors. While AGEL’s clarification aims to mitigate concerns, the ongoing legal proceedings in the US are being closely monitored. Further updates on this case are expected to shape perceptions around the Adani Group and its global standing.
Adani Green’s prompt clarification underscores its commitment to addressing misinformation and maintaining transparency amid heightened scrutiny.
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