Adani US indictment: Adani Group CFO says US charges relate to single contract, no publicly identified accomplices

MUMBAI: US bribery charges against Adani Group relate to a single contract Adani Green EnergyIt accounts for about 10 percent of its operations, he said. Adani Group CFO Judge Robbie Singh on Saturday. Singh emphasized that no other companies within the broader Adani conglomerate have faced allegations of improper conduct. But he acknowledged that although the group was aware something was wrong, it only learned about the “specificity” of the US accusations two days ago.
“None of Adani’s 11 public companies are subject to indictment or accused of any wrongdoing in the said legal filing,” Singh said on X. “The allegations in the U.S. indictment relate to a roughly 10% contract with Adani Green.” It is about Adani Green’s overall business,” he said.
The United States on Wednesday accused Adani Group chairman Gautam Adani, his nephew and Adani Green chief executive Sagar Adani, and other entities of deceiving American investors and banks by concealing information about $265 million in bribes paid to Indian government officials to obtain lucrative solar energy contracts. and collect billions of dollars from these institutions. Holding denied these allegations.
“We knew something was wrong,” he said, adding that the company disclosed as much information to investors during its $750 million 2024 bond offering. American investors contributed about $175 million to the total, according to Reuters.
However, the US indictment stated that the bond offering contained false and misleading statements regarding Adani Green’s corporate governance. It was also emphasized that Sagar Adani tracked bribe payments using his mobile device. Singh said the group will give a comprehensive response once legal permission is obtained as the matter is currently in the courts.
The bribery charges in the US are the latest setback for Adani Group following Hindenburg Research’s damaging report on the conglomerate last year. The US research firm was accused of share price manipulation, improper use of offshore tax havens and accounting fraud.
According to Reuters, following the indictment in the United States, the holding’s listed subsidiaries suffered a decline in share prices, while some global banks are considering suspending new loans to the group.