Ports-to-energy conglomerate Adani Group, on Wednesday, has responded strongly to bribery accusations made by US authorities against its billionaire chairman, Gautam Adani, his nephew, Sagar Adani, and senior executive, Vneet Jaain.
The US Department of Justice (DOJ) had accused the executives in a bribery case. The DOJ claimed that executives were involved in a scheme to bribe Indian officials with $265 million in exchange for securing solar electricity contracts that could have led to $2 billion in profits over 20 years.
Adani Group’s energy arm Adani Green Energy Ltd said in a statement issued on Wednesday that the executives had violated the US Foreign Corrupt Practices Act (FCPA).
“Gautam Adani, Sagar Adani, and Vneet Jaain have not been charged with any violations of the FCPA in either the criminal indictment or the civil complaint,” the company said.
The charges were outlined in a criminal indictment filed in the US District Court for the Eastern District of New York. The charges include conspiracy to commit securities fraud, wire fraud conspiracy, and securities fraud. However, the indictment does not specify any fines or penalties related to FCPA violations.
Adani Group has categorically denied all accusations. “These allegations are baseless, and we will take all necessary legal steps to protect our position,” the company said in the statement.
Adani Group is a diversified Indian multinational conglomerate based in Ahmedabad, which was founded by Gautam Adani in 1988 as a commodity trading firm. Over the years, the group has expanded its operations to sectors such as port and airport management, electricity generation and transmission, mining, natural gas, food, defense, and infrastructure.
The Adani Group reportedly lost nearly $54 billion in market capitalisation since the news of a US indictment came out on November 22.
