Delhi: In the latest alleged case of corruption and bribery of Indian officials over lucrative solar-energy contracts, The U.S. SEC has sent a summons to Gautam Adani, the chair of the Adani Group, and his nephew Sagar Adani. Securities and Exchange Commission (SEC) in relation to a $250 million bribery case. The summons is part of a wider probe that alleges bribes were made by Adani executives to Indian officials as part of earlier allegations of fraud related to financial misconduct against the Adani Group.
Details of the case
Gautam Adani (CEO of ADANI INDUSTRIES) and his nephew Sagar adani Adani has been said to be allegedly involved in a scheme involving large bribes to gain entry have solar power contracts. The contracts promised to generate profits of $2 billion over two decades. The federal prosecutors in New York have filed related criminal charges, alleging that the company deceived investors while raising $3 billion through loans and bonds.
Legal Actions and Actions Taken
Adani has outrightly dismissed the claims as “baseless.” The company points out it follows the tenets of transparency and compliance. At the same time, a spokesperson for the company assured its readiness to carry out legal steps to defend itself. In fact, despite the denials, the SEC already has some pieces of evidence that there are false disclosures, especially in the $750 million bond issuance where the company claimed compliance with anti-bribery standards.
The case has already generated international focus on the Adani Group. This company has already faced controversies, such as the report in January 2023 from Hindenburg Research, which accused the conglomerate of stock manipulation and fraud. Volatility in its shares has resulted in billions lost in market value since these recent charges appeared.
This development raises the question of group governance and compliance standards as well as its future ability to raise capital in global markets. Gautam and Sagar Adani have reportedly been issued arrest warrants, and U.S. authorities may seek assistance from Indian law enforcement for their enforcement.
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