Adani Group Denies U.S. Bribery Allegations
The Adani Group has officially denied U.S. bribery allegations against its founder Gautam Adani and executives. The company refutes claims of violations of the Foreign Corrupt Practices Act, calling media reports incorrect. Read more about their statement and the implications of these allegations.
BUSINESS
The Adani Group has strongly refuted allegations made by U.S. authorities accusing its founder, Gautam Adani, his nephew Sagar Adani, and Adani Green Energy CEO Vneet Jaain of violating the U.S. Foreign Corrupt Practices Act (FCPA). The company issued an official statement on November 27, clarifying its position and dismissing media reports as "incorrect."
In a stock exchange filing, Adani Green Energy stated, “Media articles claiming that our directors Gautam Adani, Sagar Adani, and Vneet Jaain have been charged with FCPA violations are factually inaccurate.” The filing further explained that the U.S. Department of Justice (DOJ) indictment names the Adani executives in counts related to alleged securities fraud and wire fraud conspiracies but does not accuse them of bribery or obstruction of justice.
The DOJ indictment, which became public last week, contains five counts, with the bribery allegations specifically involving executives from Azure Power and a Canadian investor. The Adani Group’s statement emphasized that no evidence or proof of bribery involving Indian officials has been presented in the case. Instead, it asserts that the indictment only references discussions or promises of bribes.
The Adani filing clarified, “Gautam Adani, Sagar Adani, and Vneet Jaain have been charged with three counts: alleged securities fraud conspiracy, alleged wire fraud conspiracy, and alleged securities fraud. None of these counts pertain to FCPA violations or bribery.”
The allegations have significantly impacted the Adani Group, one of India’s leading infrastructure conglomerates with a global presence in energy, logistics, and renewable power. The company has reportedly seen a staggering $55 billion wiped off its market capitalization since the indictment was announced.
The news has also drawn attention in political and financial circles. Opposition parties in India have criticized the government for allegedly shielding the Adani Group from scrutiny. Meanwhile, the Indian government has maintained that legal proceedings in international jurisdictions should not be politicized.
Despite the turmoil, the Adani Group has reiterated its commitment to corporate transparency and governance. “We will continue to defend our reputation vigorously and pursue all legal remedies available to us,” the company stated.
As investigations by the DOJ and the U.S. Securities and Exchange Commission (SEC) continue, the case remains under close watch by both domestic and international stakeholders.