Allegations of Bribery and Fraud against Adani Group
Adani Group denies allegations of bribery and fraud made by U.S. authorities against chair Gautam Adani. Shares of Adani Group companies plunged after Adani was indicted on charges related to an alleged bribery and fraud scheme. Adani and others accused of paying Indian government officials bribes to obtain solar energy contracts. Adani Group spokesperson refutes allegations, stating commitment to governance and compliance. Adani Green Energy cancels bond plans following indictment charges.
Key Points
- Gautam Adani and others accused of paying bribes to obtain solar energy contracts
- Allegations include misleading investors about compliance with antibribery and anticorruption practices
- Adani Group denies claims, asserts commitment to regulatory compliance
- Adani Green Energy cancels $600 million bond plans post-indictment charges
Pros
- Adani Group refutes allegations of bribery and fraud
- Commitment to governance, transparency, and compliance stated by Adani Group
- Legal recourse to be sought following the allegations
Cons
- Shares of Adani Group companies plunged after indictment charges
- Cancellation of bond plans by Adani Green Energy