Adani Green Energy Ltd (AGEL) has issued a clarification refuting allegations of bribery and corruption charges against its executives—Gautam Adani, Sagar Adani, and Vneet Jaain—stating that the claims made in media reports are incorrect. The company emphasized that while these individuals are named in other charges within the U.S. Department of Justice (DoJ) indictment, they are not accused of violating the U.S. Foreign Corrupt Practices Act (FCPA).
Key Points from the Statement:
- No Bribery or Corruption Charges:
- AGEL clarified that Gautam Adani, Sagar Adani, and Vneet Jaain are not charged with any violations under the FCPA in the indictment or the civil complaint by the U.S. Securities and Exchange Commission (SEC).
- The Count One (corruption and bribery conspiracy) and Count Five (obstruction of justice conspiracy) of the DoJ indictment do not name these Adani officials.
- Charges Against Adani Executives:
- The individuals are instead implicated in:
- Count Two: Alleged securities fraud conspiracy.
- Count Three: Alleged wire fraud conspiracy.
- Count Four: Alleged securities fraud.
- These charges relate to securities and wire fraud, not bribery or foreign corruption.
- The individuals are instead implicated in:
- Bribery Allegations Limited to Azure Power:
- The bribery charges under Count One involve individuals from Azure Power, including Ranjit Gupta, Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra, and Rupesh Agarwal, along with CDPQ (a Canadian institutional investor).
- Legal Representation:
- The Adani Group has retained Mukul Rohatgi, former Attorney General of India, to address the allegations. He is expected to provide further clarifications and legal perspectives on the matter.
Context:
The allegations stem from a broader investigation into fraud and misconduct in Indian power sector contracts. U.S. authorities have charged eight individuals, but AGEL’s clarification aims to differentiate its executives from those facing corruption and bribery-related accusations.
This clarification underscores the Adani Group’s position amidst increasing scrutiny and declining market confidence, particularly following adverse developments in its international operations.
