Adani Group Rebuts US Bribery Allegations as 'Incorrect'

The Adani Group has denied any wrongdoing following bribery allegations levied by the US Department of Justice (DoJ) and the US Securities and Exchange Commission (SEC) against its executives. Adani Green Energy's filing clarifies that none of its officials are charged with bribery or conspiracy-related counts in the indictment.

The Adani Group has strongly refuted bribery allegations made by the US Department of Justice and the US Securities and Exchange Commission against key figures including its founder Gautam Adani, his nephew Sagar Adani, and CEO of Adani Green Energy Ltd, Vineet Jaain. In a filing to the stock exchanges, the group labeled media reports on the accusations as 'incorrect'.

Adani Green Energy Ltd's statement clarified that its directors have not been charged with violations of the US Foreign Corrupt Practices Act, as suggested by certain reports. The document emphasized that neither the indictment nor the civil complaint has accused Gautam Adani, Sagar Adani, or Vineet Jaain of any FCPA infractions.

The group's filing further explained that the DoJ Indictment, encompassing five counts, excluded Adani officials from allegations of conspiring to violate the FCPA or obstructing justice. Instead, they are mentioned only in regards to securities fraud and wire fraud conspiracies. The indictment predominantly targets different individuals associated with Azure Power.

Despite the absence of concrete evidence against Adani executives, the allegations have significantly impacted the group's financial standing, leading to a USD 55 billion loss in market capitalization for its listed companies. As a major infrastructure player, the Adani Group continues to expand its international operations, contending with major competitors in various global markets.

(With inputs from agencies.)