Adani Group strongly denies U.S. allegations of a $265M bribery scheme involving key executives. Despite political and financial fallout, the group asserts its growth plans remain unaffected, while legal responses to the charges are being prepared.
The finance chief of India's Adani Group, Jugeshinder Singh, has dismissed allegations by U.S. authorities accusing executives, including Chairman Gautam Adani, of involvement in a $265 million bribery scheme to secure solar power contracts.
Speaking in Mumbai, Singh strongly denied the claims, asserting that no such transactions occurred and promising the accused individuals would address the matter within 10 days after seeking legal advice.
The conglomerate has previously labelled the allegations as "baseless" and pledged to explore legal options. Singh reassured that the charges would not affect Adani’s expansion plans, stating that no acquisitions or investments in logistics and energy would be halted.
India's foreign ministry clarified it had not received any request from the U.S. regarding the case, emphasising it as a legal matter between private entities. The government, not informed of the indictment in advance, maintains established legal procedures will be followed.
The allegations have intensified political tensions in India, with opposition parties accusing the ruling BJP of favouring Adani, a claim denied by the government. While Adani Group shares initially plunged by $34 billion, they have since recovered significantly.
The fallout includes reviews of Adani-related projects, with TotalEnergies halting further investments, Indian banks reassessing exposure, and Kenya scrapping a $2 billion airport deal. Adani Green Energy delayed a $600 million bond issue, opting for private placement instead, while the group plans to repay $3 billion in debt through rupee borrowings over the next year.
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