Adani bribery row: Adani Group has responded to the US indictment and said that the allegations are all baseless and denied. The conglomerate has said it would take all possible legal recourse.
“The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied. 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,” said, adding that the group has always upheld and is committed to the highest standards of ‘governance, transparency and regulatory compliance across all jurisdictions of its operations’.
The Adani Group assured its stakeholders, employees and partners of its ‘law-abiding’ nature and compliance with all laws.
Meanwhile, Adani Group stocks took a sharp beating in Thursday’s trade with the flagship entity — Adani Enterprises — cracking as much as 23 per cent.
The statement comes after the US charged Gautam Adani, Sagar Adani and other executives of being part of a $2 billion bribery scheme. US prosecutors have added that the group paid $265 million in bribes to Indian officials to secure solar energy contracts projected to generate billions in profits.
Adani and his associates have also been indicted on charges of falsifying statements to secure over $3 billion in loans and bonds. The charges fall under the US Foreign Corrupt Practices Act.
Additionally, the US Securities and Exchange Commission has filed parallel civil charges against the group, further intensifying their legal challenges.