well-known Industrialist Gautam Adani has been accused by American prosecutors of paying bribe in India. After this, huge selling was seen in the shares of Adani Group today. Adani Group's reaction on this has now come to light. Adani Group has completely rejected these allegations. The group said in a media statement, 'The allegations made against the directors of Adani Green by the US Department of Justice and the US Securities and Exchange Commission are baseless. We reject these allegations.
All possible legal remedies will be taken
“As stated by the US Department of Justice itself, “the charges laid out in the indictment are the same and the defendants are presumed innocent unless and until proven guilty,” Adani Group said in the statement. All possible legal measures will be taken. The statement further said, 'Adani Group has always adhered to the highest standards and is strongly committed to maintaining governance, transparency and regulatory compliance across all its operating areas. We assure our stakeholders, partners and employees that we are a law abiding organization, fully complying with all laws.
What is the matter?
Industrialist Gautam Adani has been accused by US prosecutors of paying $250 million in bribes to Indian officials in exchange for favorable terms to win solar power contracts in India. US prosecutors accused Adani, his nephew Sagar Adani and others of paying more than $250 million in bribes to Indian government officials between 2020 and 2024 to win solar power contracts. According to an estimate, this could potentially bring a profit of more than two billion dollars to the group.
What did the US Attorney say?
US prosecutors alleged that all this was hidden from the American banks and investors from whom the Adani Group had raised billions of dollars for the project. US law allows corruption charges to be pursued in foreign countries involving its investors or markets. “The defendants orchestrated an elaborate conspiracy to bribe Indian government officials to obtain contracts worth billions of dollars,” Brian Peace, U.S. Attorney for the Eastern District of New York, said in a statement.
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