Adani Group faces bribery charges in U.S., impacting market with debt and equity pressure

From Investing.com: 2024-11-25 04:46:40

Indian billionaire Gautam Adani indicted for alleged $265 million bribery scheme, facing charges related to power supply deals from energy projects in India. Adani Group denies allegations, CFO says indictment linked to 10% of Adani Green Energy’s business. U.S. authorities investigating alleged bribes to Indian officials from Adani companies raising funds from U.S. investors in 2021.

Concerns raised about market disclosure lapses by Adani Group, leading to debt and equity pressure. Adani Group’s dollar bond prices hit one-year low. Scandal impacting global projects, with Kenya cancelling infrastructure deals, U.S. development agency reviewing Sri Lanka port project, and Bangladesh investigating power deals. Opposition parties in India calling for probe into allegations.

Gautam Adani faces charges of foreign bribery, securities fraud, and wire fraud conspiracy. Not arrested, whereabouts unknown but believed to be in India. Potential trial could be far off, even if extradited to U.S. If convicted, Adani could face prison and monetary penalties. Adani must respond to U.S. SEC allegations within 21 days as per court directive.



Read more at Investing.com: What you need to know about Adani’s U.S. bribery indictment By Reuters