Adani Green Scraps Bond Offering Following Bribery Charges

Adani Green Energy has withdrawn its planned USD denominated bond offerings after its chairman Gautam Adani and others were charged with involvement in a bribery scheme. The charges, unsealed in New York, accuse them of fraud and obstruction in a plan to secure funds from global investors.

In a swift response to bribery charges brought against its chairman Gautam Adani and Indian executives, Adani Green Energy announced it will not proceed with its proposed USD denominated bond offerings. The decision follows serious allegations unveiled by US prosecutors linking key figures in the Adani group to a bribery scheme.

The US Department of Justice, along with the Securities and Exchange Commission, have filed both a criminal indictment and a civil complaint in New York's Eastern District Court. The charges accuse Gautam Adani, Sagar Adani, and Vneet Jaain of orchestrating conspiracies involving securities fraud and wire fraud, seeking billions from US investors under false pretenses.

Further indictments involve former executives of a renewable-energy company listed on the NYSE and individuals tied to a Canadian institutional investor. They face charges related to violating the Foreign Corrupt Practices Act. The allegations suggest they bribed Indian officials for billion-dollar contracts while committing securities fraud and obstructing investigations.

(With inputs from agencies.)