No bribery charges against Gautam Adani, nephew in US indictment: Adani Group
By Gargi Chaudhry | First Published Nov 27, 2024, 9:58 AM ISTAdani Green Energy Ltd (AGEL) clarified that Gautam Adani, Sagar Adani, and Vneet Jaain haven't been charged with violating the US Foreign Corrupt Practices Act (FCPA), contrary to some media reports. The company's statement emphasizes that the three executives are not named in the FCPA conspiracy charges within the US DOJ indictment or SEC civil complaint.
Gautam Adani, Sagar Adani, and senior executive Vneet Jaain have not been accused with violating the US Foreign Corrupt Practices Act (FCPA), according to a statement released by Adani Green Energy Ltd (AGEL). This follows media reports suggesting otherwise, which the company has termed as incorrect.
"Mr. Gautam Adani, Mr. Sagar Adani and Mr. Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or civil complaint of the US SEC. These directors have been charged on three counts in the criminal indictment namely (i) alleged securities fraud conspiracy, (ii) alleged wire fraud conspiracy, and (iii) alleged securities fraud," said the statement from Adani Green Energy Limited.
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The company highlighted that the charges in the US Department of Justice (DOJ) indictment and the civil complaint by the US Securities and Exchange Commission (SEC) do not include allegations of bribery or corruption against these individuals.
FCPA refers to the US Foreign Corruption Practices Act. The Department of Justice claimed that although the indictment contains five charges, the three directors, Gautam Adani, Sagar Adani, and Vneet Jaain, are not included in the first and fifth accusations, which are conspiracy to violate the FCPA and conspiracy to obstruct justice.
During a news conference, senior attorney Mukul Rohatgi stated, "The chargesheet contains no information about who has been bribed, not even a single name."
Due to the controversy created by the media stories, there was conjecture on the possible effects on the Adani Group. AGEL's statement, however, attempts to clear up any confusion over the charges' nature. As legal processes in the US continue, stakeholders and market observers will now have to wait for further information.
AGEL dismissed the reports circulating in the media, calling them misleading. The company said it was necessary to issue this clarification to prevent the spread of inaccurate information.
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