Adani Group Denies Bribery Allegations as “Baseless,” Reaffirms Commitment to Compliance

The Adani Group has strongly refuted allegations of bribery made by the US Department of Justice (DOJ) and the US Securities and Exchange Commission (SEC) against directors of Adani Green Energy, dismissing them as “baseless.”

In an official statement issued on Thursday, a spokesperson for the conglomerate emphasized that the charges are mere allegations at this stage, reiterating that the defendants are presumed innocent until proven guilty. “As stated by the US Department of Justice itself, ‘the charges in the indictment are allegations, and the defendants are presumed innocent unless and until proven guilty.’ All possible legal recourse will be sought,” the statement said.

The group reaffirmed its unwavering commitment to governance and regulatory compliance. “The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency, and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners, and employees that we are a law-abiding organization, fully compliant with all laws,” it added.

Allegations and Developments

The allegations stem from a five-count criminal indictment unsealed in the United States District Court for the Eastern District of New York. The indictment accuses Gautam Adani, Sagar R. Adani, and Vneet S. Jaain of conspiracies to commit securities and wire fraud, and substantive securities fraud in an alleged multi-billion-dollar scheme to mislead U.S. investors and global financial institutions.

It also charges former executives of a renewable-energy company, Ranjit Gupta and Rupesh Agarwal, along with three former employees of a Canadian institutional investor, with conspiracy to violate the Foreign Corrupt Practices Act (FCPA).

Financial Implications

In light of these developments, Adani Green Energy has decided to defer its planned U.S. dollar-denominated bond offerings. “Our subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings,” the company informed stock exchanges.

Adani Group’s Stand

The Adani Group reiterated its resolve to challenge the allegations, emphasizing its robust governance framework. “We will pursue all legal recourse to protect our reputation and the interests of our stakeholders,” the group stated.

The case underscores heightened scrutiny on global corporations and their operations, with the Adani Group now at the center of an international legal battle while maintaining its focus on transparency and compliance.