Adani Green Energy Ltd has dismissed claims in certain media reports and clarified that its directors, namely, Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with violations of the U.S. Foreign Corrupt Practices Act (FCPA) in the indictment by US prosecutors in an alleged bribery case.
“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 Department of Justice (DOJ) or civil complaint of the US Securities and Exchange Commission (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,” stated the company.
US prosecutors have charged Gautam Adani and other executives with being part of a bribery scheme allegedly involving over $250 million in payments to officials in various Indian states to secure solar energy supply contracts.
The contracts were expected to yield $2 billion in profits over two decades. The indictment accuses Adani, Sagar R. Adani, and Vneet S. Jaain of securities and wire fraud, alleging they secured $3 billion of US and international financing through false statements.
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