Adani Group Denies Bribery Allegations, Vows Legal Action
The Adani Group has vehemently denied the bribery allegations leveled against them by the US Department of Justice and the US Securities and Exchange Commission. The conglomerate maintains that the accusations are baseless and asserts its commitment to the highest standards of governance, transparency, and regulatory compliance.
In a statement, the Adani Group emphasized that they will pursue all possible legal recourse to defend themselves against these charges. They reiterated their unwavering commitment to upholding the law and complying with all regulations across their global operations.
The statement comes in response to the US indictment accusing Gautam Adani, Sagar Adani, and other executives of participating in a $2 billion bribery scheme. Prosecutors allege that the group paid $265 million in bribes to Indian officials to secure lucrative solar energy contracts.
Furthermore, Adani and his associates face charges of falsifying statements to obtain over $3 billion in loans and bonds. These charges fall under the US Foreign Corrupt Practices Act.
The US Securities and Exchange Commission has also filed parallel civil charges against the Adani Group, further intensifying their legal challenges.
Meanwhile, the Adani Group stocks experienced a significant decline in Thursday's trading session, with the flagship entity, Adani Enterprises, plummeting by as much as 23%.
The Adani Group remains steadfast in its denial of the allegations and is committed to pursuing all legal avenues to clear its name. The ongoing legal proceedings will likely have a significant impact on the company's future.