Adani US indictment: US charges relate to a single contract, no public co accused, says Adani Group CFO
Published On : 2024-11-24T12:33:06+0530 [ IST ] |
Author : Mayur_Tembhare
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Gautam AdaniMUMBAI: The US bribery charges against Adani Group relate to a single contract within Adani Green Energy, constituting approximately 10% of its operations.
"None of Adani's 11 public companies are subject to indictment or are accused of any wrongdoing in the said legal filing," Singh said.
On Wednesday the US indicted Adani Group chairman Gautam Adani along with his nephew and Adani Green executive director Sagar Adani and other entities for deceiving American investors and banks by concealing information about $265 million in bribes paid to
"We were aware that something is afoot," he said adding that the company disclosed as much to investors during its $750 million 2024 bond offering. American investors contributed about $175 million to the total sum.
However the US indictment indicated that the bond offering contained inaccurate and misleading statements regarding the corporate governance of Adani Green. It also highlighted that Sagar Adani kept track of the bribe payments using his mobile device.
The US bribery charges are the latest setback for the Adani Group after Hindenburg Research's damaging report on the conglomerate last year.
Following the US indictment the conglomerate's listed entities saw a decline in share prices while some global banks are contemplating suspending new lending to the group.
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Source : Reporters From Sunrise Chronicles
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Summary :
Gautam AdaniMUMBAI: The US bribery charges against Adani Group relate to a single contract within Adani Green Energy, constituting approximately 10% of its operations.
"None of Adani's 11 pub
