In its first reaction, after US prosecutors charged Adani Group Chairman Gautam Adani and other Indian executives by linking them to an alleged bribery scheme, Adani Green Energy said that it had decided not to proceed with the proposed USD-denominated bond offerings.
US prosecutors charge Gautam Adani and others in alleged Solar Energy contract bribery case
Adani Green says, “The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint,… pic.twitter.com/uoBDJPuhOE
— ANI (@ANI) November 21, 2024
In an exchange filing on Thursday, Adani Green Energy Limited said, “The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against our Board members, Gautam Adani and Sagar Adani.
The United States Department of Justice has also included our Board member, Vneet Jaain, in such criminal indictment. In light of these developments, our subsidiaries have decided not to proceed with the proposed USD-denominated bond offerings.”
According to the US Attorney’s Office, Eastern District of New York, “A five-count criminal indictment was unsealed in federal court charging Gautam Adani, Sagar R. Adani, and Vneet S. Jaain, with conspiracies to commit securities and wire fraud and substantive securities fraud for their roles in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions on the basis of false and misleading statements.”
The indictment also charges Ranjit Gupta and Rupesh Agarwal, former executives of a renewable-energy company with securities that had traded on the New York Stock Exchange (the U.S. Issuer), and Cyril Cabanes, Saurabh Agarwal and Deepak Malhotra, former employees of a Canadian institutional investor, with conspiracy to violate the Foreign Corrupt Practices Act in connection with the alleged bribery scheme.
