TotalEnergies Halts Investments Amid Adani Corruption Scandal

French energy giant TotalEnergies has stopped investments in Adani Group following bribery charges against the Indian conglomerate's chairman. The move comes after U.S. authorities charged Adani's leadership with a $265 million bribery scheme to secure contracts. TotalEnergies, with a significant stake in Adani firms, demands clarification before future investments.

In a significant development, French energy powerhouse TotalEnergies announced on Monday its decision to halt investments in Adani Group. This decision comes on the heels of a U.S. indictment charging Adani's chairman, Gautam Adani, along with others, in a massive bribery scheme involving $265 million.

TotalEnergies, with financial stakes amounting to between $4 billion and $5 billion in Adani companies, expressed that they were previously unaware of the alleged corruption. The French company emphasized that until clarity is obtained regarding these accusations, no new financial commitments will be made.

The allegations suggest that bribery payments were orchestrated to secure lucrative contracts projected to generate $2 billion in profits over two decades. Adani's stock market value faced turbulence, reflecting investor jitters. Meanwhile, the controversy has sparked political upheaval, with disruptions in India's parliament calling for immediate discussions on the matter.

(With inputs from agencies.)