Adani Group Denies Bribery Allegations; Vows Legal Action

In response to the recent bribery allegations raised by the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), the Adani Group has categorically rejected the claims, calling them baseless and unfounded.

The company issued a statement on Thursday, expressing its firm stance against the charges brought against its directors in Adani Green Energy.

According to the Adani Group’s spokesperson, the organization will pursue all necessary legal measures in its defense

The statement read, “The US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied.”

Furthermore, the group referred to a critical point in the legal proceedings, emphasizing that the DOJ itself had stated that the allegations remain unproven.

“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 spokesperson reiterated

Adani Group Reaffirms Commitment To Governance & Compliance

The Adani Group also reaffirmed its commitment to upholding rigorous standards of governance, compliance, and transparency in all its operations.

“The Adani Group has always upheld and remains steadfast in 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,” the statement further assured.

Amidst these legal challenges, Adani Green Energy announced that it has decided to defer its subsidiaries’ plans for USD-denominated bond offerings.

“In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD denominated bond offerings,” it said.

The allegations stem from a five-count criminal indictment recently unsealed in the United States District Court for the Eastern District of New York.

The indictment links Gautam Adani, the chairman of the Adani Group, to a multi-billion-dollar bribery and fraud scheme involving the solar energy sector.

The charges, filed by the US Attorney’s Office for the Eastern District of New York, accuse Adani and several associates – including Sagar R Adani, Vneet S Jaain, and former executives of a renewable energy firm – of conspiracy to commit securities and wire fraud.

The indictment also names former employees of the company and a Canadian institutional investor, accusing them of conspiring to violate the Foreign Corrupt Practices Act in connection with the alleged bribery scheme.

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