#adani bribery

[sharemarketinsider]

Adani Group Faces U.S. Bribery Allegations: What It Means for Investors

Is Adani's renewable energy empire at risk? 🌏💰 U.S. bribery allegations could reshape India's corporate landscape, impacting stocks and investment. Discover what this means for investors and the energy sector. #AdaniGroup #StockMarket #RenewableEnergy #Investing #CorporateGovernance

[entrepreneurkiawaz]

TotalEnergies Halts Investment in Adani Green Amid Bribery Allegations

TotalEnergies has decided to pause its investment in Adani Green Energy until there is more clarity regarding a U.S. bribery case involving Indian billionaire Gautam Adani, as confirmed by CEO Patrick Pouyanne on Tuesday.

The French company, which currently holds a 19.8% stake in Adani Green, has other projects in its portfolio that will help meet its renewable energy expansion targets, Pouyanne explained during an interview at the Energy Intelligence Forum with Reuters.

Pouyanne further emphasized that the firm’s ongoing renewable energy initiatives remain unaffected by this pause, ensuring that TotalEnergies can still progress toward its sustainability goals. Read more

[head-post]

Indian billionaire Adani charged in US over $265m bribery allegations

Indian billionaire Gautam Adani was charged by US prosecutors for his alleged involvement in a $265-million bribery scheme, according to Reuters.

Multiple fraud allegations against Adani, one of the world’s richest men, and seven other defendants caused his companies’ stocks and bonds to plunge on Thursday. Adani Green Energy, the company targeted by the allegations, also cancelled a $600-million bond sale.

The charges followed a major upheaval at the Adani Group last year after Hindenburg Research released a report accusing it of misusing offshore tax havens. US federal prosecutors said the defendants agreed to bribe Indian government officials to win contracts that were expected to generate $2 billion in profits over 20 years.

They also alleged that Adani and another executive of the former Adani Green Energy CEO, Vneet Jaain, raised more than $3 billion in loans and bonds while hiding their corruption from lenders and investors. The three were charged with securities fraud, conspiracy to commit securities fraud and conspiracy to commit e-fraud. The US Securities and Exchange Commission (SEC) stated:

Gautam and Sagar Adani were engaged in the bribery scheme during a September 2021 note offering by Adani Green that raised $750 million, including approximately $175 million from US investors. The SEC’s complaint against Gautam and Sagar Adani charges them with violating the antifraud provisions of the federal securities laws. The complaint seeks permanent injunctions, civil penalties, and officer and director bars.

Stocks plunging amid allegations

Shares in Adani Green Energy fell 17%, with shares in many of the conglomerate’s other companies losing more than 10%. The group lost $28 billion in value in trading on Thursday, taking the combined market capitalisation of its companies to $141 billion. Before last year’s Hindenburg report, the group enjoyed a market value of $235 billion.

Meanwhile, political opponents accused prime minister Narendra Modi’s administration of favouring Adani in government decisions. On Thursday, India’s Congress party repeated calls for a parliamentary enquiry into alleged wrongdoing by the Adani Group.

Five other defendants were charged with conspiracy to violate the Foreign Corrupt Practices Act, a US anti-bribery law, and four were charged with conspiracy to obstruct justice. However, none of the defendants were in custody, a spokesperson for US Attorney Breon Peace in Brooklyn said.

Shares in GQG Partners, an Australian-listed investment company that was a major backer of Adani, also fell 20%, the biggest one-day drop since it listed three years ago.

Gautam Adani’s fortune is estimated at $69.8bn according to Forbes, which makes him the second richest person in India after Mukesh Ambani.

Read more HERE

[poliphoon]

Will Adani be second time lucky?

It isn’t the first time that Indian billionaire Gautam Adani is facing the US music. Earlier, the accuser was US short-seller Hindenburg Research. Now, it is New York federal prosecutors. The Adani Group chairman, the second richest man in India, has been indicted by them in New York on November 20th. The charges are serious – bribery and brazen lies, securities and wire frauds, misleading US…

[todayworldnews2k21]

Adani row: What Azure whistleblowers flagged in alleged bribery scandal

The Adani Group, one of India’s largest conglomerates, is facing serious allegations of corruption as US prosecutors on Wednesday accused Gautam Adani and others of orchestrating a $265 million bribery scheme to secure state energy contracts. The bribery accusations have triggered a political storm in the country. But the seeds of the bombshell indictment were planted back in May 2022 when an…

[trendynewsnow]

Federal Charges Filed Against Gautam Adani for Fraud and Bribery

Federal Charges Against Gautam Adani In a significant legal development, federal prosecutors in New York have brought multiple fraud charges against Indian billionaire Gautam Adani, widely recognized as one of the richest individuals globally. The indictment, announced on Wednesday, accuses Adani and several associates of engaging in a scheme that involved bribing Indian officials and…

[indiaweekly24]

Kenya Cancels Adani Group Deals Amid Scrutiny

Kenya has terminated multiple contracts with the Adani Group, citing concerns over irregularities and transparency. This decision marks a significant challenge for the Indian conglomerate's global operations, as it faces increasing scrutiny over its business practices.

This was originally posted on India weekly. Read the detailed report here

[jasminewilson143]

Charges have been framed against Gautam Adani along with seven others in the $265 m bribery case.

Charges have been framed against Gautam Adani along with seven others in the $265 m bribery case. While the world watched with its breath bated, a US prosecution indictment of Gautam Adani, a tycoon and the chairman of the Adani Group, dominated all the interest. Many are fascinated because of the gravity of charges and the names against whom these are brought. So here is the detailed look into…

[adanicase]

The Adani Group’s revenue generation from the post sector will increase. The controversies of Adani Bribery Scandal will also cease to exist.

[rightnewshindi]

अडानी ग्रुप पर अमेरिकन कंपनी ने लगाए रिश्वतखोरी के आरोप, अमेरिका में जांच हुई शुरू

अडानी ग्रुप पर अमेरिकन कंपनी ने लगाए रिश्वतखोरी के आरोप, अमेरिका में जांच हुई शुरू

Adani News: अडानी समूह (America Probe against Adani group) के खिलाफ अमेरिका में एक जांच शुरू होने का दावा अमेरिकी मीडिया ने किया है. रिश्वतखोरी के एक आरोप क�� लेकर अडानी समूह ( Adani Group Bribe case ) के खिलाफ ये जांच की जा रही है. मामले पर कंपनी की तरफ से भी बयान सामने आया है. पिछले साल एक अमेरिकी कंपनी ने अडानी समूह पर धोखाधड़ी के आरोप लगाए थे. अमेरिकी मीडिया संस्थान ब्लूमबर्ग ने इस मामले से…

[freepressjournals]

U.S. Investigates Adani Group and Founder for Potential Bribery

In a recent development, the United States has expanded its investigation into India’s Adani Group, focusing on the actions of its founder, Gautam Adani, amid suspicions of bribery. According to a report by Bloomberg News, prosecutors are delving into whether Adani entities or individuals associated with the company, including Gautam Adani himself, engaged in payments to officials in India to secure favorable treatment for an energy project.

The investigation, led by the US Attorney’s office for the Eastern District of New York and the Justice Department’s fraud unit in Washington, has also cast its net over Indian renewable energy firm Azure Power Global.

While Adani Group has refuted any knowledge of an investigation against its chairman, the probe continues to unfold. Responses from Adani Group, Azure Power, and the Department of Justice are eagerly awaited.

This scrutiny comes in the wake of a turbulent period for Adani Group, marked by a significant selloff of its stocks and bonds following allegations of improper governance practices and stock manipulation by US short-seller Hindenburg Research. Adani Group vehemently denies these accusations, asserting its commitment to ethical business practices.

As the investigation progresses, the outcome remains uncertain, underscoring the importance of transparency and integrity in corporate conduct. Stay tuned for further updates on this unfolding story.

[newsbites]

The report names several family members—like Gautam Adani’s brothers, Rajesh and Vinod Adani, as well as associates of the Adani Group—for their involvement in major bribery and tax evasion cases. Members of the Adani family have been the subjects of past corruption investigations carried out by the Securities and Exchange Board of India (SEBI) and the Directorate of Review Intelligence. The Hindenburg report also claims that Adani family members allegedly cooperated in the creation of offshore shell entities worth $4.5 billion through forged documents, primarily in tax-haven jurisdictions like Mauritius, the UAE, and the Caribbean islands.

[theburialofstrawberries]

I shit on the legal system a lot but it did deliver me not one not two but THREE somewhat happy pieces of news (Onion purchases InfoWars, Adani bribery charges, Netanyahu/Gallant arrest warrant) in this last week. None of the other compromised state apparatuses I shit on can say that

[leprivatebanker]

Adani Group CFO says US bribery case accused to clarify matters in next 10 days

[todayworldnews2k21]

Jagan Reddy embroiled in Adani bribery case: Timeline of meetings, power purchase

The United States Securities and Exchange Commission (SEC) has alleged that Gautam Adani personally met with the then Chief Minister of Andhra Pradesh, Jagan Mohan Reddy, in August 2021, and discussed the matter of the power supply agreement and the `incentives” needed to make the state government enter into a deal for purchase of 7,000 MW of power. Jagan Reddy has firmly denied the…

[latestgujaratinews]

Helium produced by WaveTech Company is used in medical sciences, scientific research, aerospace and aviation, fiber optics and electronics. American prosecution has accused Adani of bribery, which has led to a tussle between Adani and American agencies. Amidst all this, Mukesh Ambani has made a big deal in America and he has become a 21 percent shareholder in a company.