Adani Group has denied bribery allegations by the US Department of Justice (DOJ) and market regulator, Securities and Exchange Commission (SEC). The group issued a statement in this regard saying that the allegations of bribery against Gautam Adani, his nephew Sagar Adani and Adani Green Energy MD and CEO Vineet Jain are false. While reports of corruption allegations against Adani Group have been making headlines in the media, Adani Green Energy (AGEL) has now denied the allegations in an exchange filing on November 27.
The company said in its exchange filing that the three executives were not implicated in the DOJ indictment on corruption or bribery charges. AGEL has refuted the claims made by several media outlets in this regard and described them as false.
The claims made in media reports are false
Media reports say that these three Adani Group officials are implicated in the US Foreign Corrupt Practices Act (FCPA). Now the company has rejected these claims. “Media reports that Gautam Adani, Sagar Adani and Vineet Jain have been charged with violating the US FCPA are false,” the company said. The statement also clarified that the three executives were not named in the DOJ indictment or SEC complaints. The indictment contains five charges, which do not name the Adani executive.
The executives named in the DoJ indictment are from Azure Power and Canadian investor CPDQ, the company said. Ranjit Gupta, Cyril Cabens and others are named in the indictment. The company said that even after this, this allegation was misrepresented in the media and false allegations were made against Adani Group officials.
Are there allegations against Adani officials?
These Adani Group officials have not been named in any case of bribery or corruption, nor have any violations of the FCPA been committed. The company said the DOJ indictment provides no direct evidence of bribery of Indian government officials. This claim has been made only on the allegation of negotiation or promise of bribe. No concrete information regarding payment has been given in this.
The company said that the financial position and reputation of Adani Group has been affected due to false news circulating in the media for the last few days. Many international projects have been canceled and the market capitalization of the group's 11 listed companies has declined by $55 billion.
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