Gautam Adani, chairman of the Adani Group, speaks during the Forbes CEO Summit in Singapore, Tuesday, September 27, 2022. India needs fossil fuels to supply more people and eliminating all fossil fuels will not work fast for the nation, Adani. said. Photographer: Edwin Koo/Bloomberg via Getty Images
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India’s Adani Group on Thursday denied allegations of bribery and fraud made by US authorities against the group’s chairman Gautam Adani, saying all the claims were “baseless.”
Shares of India’s Adani Group companies fell after Gautam Adani, one of the world’s richest men, was indicted in a New York court on charges related to an alleged bribery and fraud scheme. Shares of Adani Green Energy, which is the company at the center of these allegations, fell by 17.9%.
Adani and several other defendants are accused of paying Indian government officials more than $250 million to obtain solar power supply contracts worth more than $2 billion in profits.
The company’s 62-year-old chairman, his nephew Sagar Adani, and his co-chief executive Vneet Jaain have been charged with misleading American and foreign investors about their company’s compliance with anti-bribery and anti-corruption measures as they raised more than $3 billion to finance power contracts. .
A spokesperson for the Adani Group said the allegations made by the US Department of Justice and the US Securities and Exchange Commission against the directors of Adani Green Energy are “baseless and repugnant.”
“The Adani Group has consistently maintained and committed to maintaining high standards of governance, transparency and compliance in all areas of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organization, fully compliant with all laws,” said a spokesperson in a statement sent via mail.
They added that “all legal means will be sought,” following these allegations.
Shares in Adani investor GQG Partners also rose nearly 20% on Thursday.
This is a breaking story. Please refresh for updates.
– CNBC’s Boon Ping and Dan Mangan contributed to this story.
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