Adani charged in US for bribes worth $265 million to Indian officials
CNN, Indian Express, BBC, NYT
US authorities have indicted Gautam Adani in a multi-million dollar bribery and fraud case.
Authorities allege Adani and seven other company executives promised around Rs 2,029 crore (appx $265 million) in bribes to Indian government officials to secure solar energy contracts for Adani Green Energy which are expected to yield $2 billion of profit over 20 years. Of this, $228 million was promised “to a single unnamed official, who secured a deal for electricity suppliers in the state of Andhra Pradesh to purchase seven gigawatts of solar energy from Adani.”
These contracts were used to raise more than $3 billion in loans and bonds in the US from investors concealing the bribery scheme. The criminal charges, filed on Wednesday in New York, for alleged violations of the Foreign Corrupt Practices Act, a U.S. anti-bribery law.
Adani group stocks crashed up to 20% reacting to this news today.
Authorities allege Adani and seven other company executives promised around Rs 2,029 crore (appx $265 million) in bribes to Indian government officials to secure solar energy contracts for Adani Green Energy which are expected to yield $2 billion of profit over 20 years. Of this, $228 million was promised “to a single unnamed official, who secured a deal for electricity suppliers in the state of Andhra Pradesh to purchase seven gigawatts of solar energy from Adani.”
These contracts were used to raise more than $3 billion in loans and bonds in the US from investors concealing the bribery scheme. The criminal charges, filed on Wednesday in New York, for alleged violations of the Foreign Corrupt Practices Act, a U.S. anti-bribery law.
Adani group stocks crashed up to 20% reacting to this news today.