abu dhabi International Holding Company (IHC) said that despite the indictment in the US against Adani Group's founding chairman Gautam Adani, its view on investment in the group has not changed. “Our partnership with the Adani Group reflects our confidence in their contribution to the green energy and sustainable sectors,” IHC, one of the major foreign investors in the Adani Group, said in a statement. “All our As with investments, our team continues to evaluate relevant information and developments. At this time, our view on these investments remains the same.
Stake was increased in Adani Enterprises
IHC has acquired renewable energy company Adani Green Energy Ltd in April 2022. (AGEL) and had invested about US $ 500 million in power company Adani Transmission. He had invested one billion dollars in the group's flagship company Adani Enterprises. However, it later sold its 1.26 per cent stake in AGEN and 1.41 per cent stake in ATL (now called Adani Energy Solutions Ltd). But it increased its stake in Adani Enterprises Limited to five percent.
There is no allegation of violation of FCPA
Earlier, the Adani Group had insisted that billionaire Gautam Adani and his nephew Sagar Adani have not been charged with violating the US Foreign Corrupt Practices Act (FCPA) in the alleged bribery case. Rather, he has been charged with securities fraud, which can carry monetary penalties. AGEL is accused of paying bribes worth US$265 million to Indian officials to win solar power sales contracts, which could have netted the company US$2 billion in profits over a 20-year period. The company said the three AGEN executives have been charged only with securities fraud conspiracy, wire fraud conspiracy and securities fraud. Generally the penalties for such charges are less severe than those for bribery. Last week, Adani Group had rejected all the allegations and said that it would adopt all possible legal means to defend itself.
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