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Adani Group stock drops 20%+ by Q1 2025 due to bribery case?
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Indian•Gautam Adani•Sagar Adani•India•Adani Group•Foreign Corrupt Practices Act•FCPA•Gautam•Indian government•Adani
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US Charges Gautam and Sagar Adani in $250M Bribery Scheme; Adani Group Denies Allegations
Nov 29, 2024, 10:18 AM
The U.S. Department of Justice has indicted Indian billionaire Gautam Adani, his son Sagar Adani, and others for their alleged involvement in a $250 million bribery scheme related to securing solar power contracts in India. The charges allege that bribes were paid to Indian officials to obtain these contracts, raising concerns over potential diplomatic implications. The Adani Group denies the allegations. P.R. Ramesh, a lawyer, noted that under the Foreign Corrupt Practices Act (FCPA), only U.S. persons can be charged, and since Gautam and Sagar Adani are not U.S. persons, the question of bribery remains at the allegation stage. The Ministry of External Affairs of India stated that the Indian government was not informed in advance about the indictment and has not received any request from the U.S. side. They emphasized that this is a legal matter involving private firms and individuals and that established procedures and legal avenues would be followed. The charges pose significant implications for the Adani empire, which holds $31 billion of debt and is deeply linked to India's banking system and energy transition efforts. Analysts suggest that the indictment could impact investor confidence in India's infrastructure boom, particularly in the solar sector.
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