The White House said it is confident that the strong ties between India and the US will help the two countries navigate the bribery charges against Gautam Adani.
Addressing the allegations during a press briefing, White House Press Secretary Karine Jean-Pierre said the Joe Biden administration is aware of the Adani Group chairman’s indictment.
Talking to a reporter, she said, “I would have to refer you to te SEC (Securities and Exchange Commission) and DOJ (Department of Justice) about the specifics of those allegations.”
She pointed out that the US and India ties are built on a strong foundation anchored in ties between two nations as well as cooperation across various global issues.
Besides Gautam Adani, seven others, including his nephew and Adani Green Energy executive director Sagar Adani and Adani Green Energy board managing director Vneet Jaain, allegedly agreed to bribe Indian government officials with $265 million to obtain contracts for the country’s largest solar power plant that could yield $2 billion profit in two decades, said the US prosecutors.
The US SEC announced that Gautam Adani and two other defendants violated anti-fraud laws and vowed to impose sanctions on the conglomerate and the defendants.
“The complaint seeks permanent injunctions, civil penalties, and officer and director bars. The SEC’s complaint against Cabanes charges him with violating the FCPA and seeks a permanent injunction, a civil penalty, and an officer and director bar,” read the statement.
The Adani Group has dismissed the multi-billion dollar bribery and fraud allegations as “baseless” while the Centre is yet to respond to the issue. The conglomerate’s shares crashed over 20 per cent on Thursday. Following the indictment, ratings agency Moody’s said it a “credit negative” for the group’s companies
The US authorities clarified that the defendants are innocent until proven guilty. If convicted, Adani faces up to five years for bribery and up to 20 years for fraud and conspiracy charges besides monetary penalties.
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