Adani deems grave allegations by US Department of Justice, SEC as ‘baseless’

The Adani Group on Thursday denied allegations made by the US Department of Justice (DoJ) and the US Securities and Exchange Commission (SEC) against directors of its subsidiary company Adani Green.

In a statement, an Adani Group spokesperson said: “The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied.”

“The charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty,” said the spokesperson.

“All possible legal recourse will be sought,” the company spokesperson said.

The conglomerate also assured its stakeholders, partners, as well as employees that they are a ‘law-abiding organisation, fully compliant with all laws’.

Notably, the Eastern District of New York court on Wednesday established that Senior executives of an Indian renewable energy company, an American company, and a Canadian investor were involved in a bribery scheme.

They bribed Indian government officials to secure solar energy supply contracts and misrepresented their anti-bribery practices to investors. As per the court document, they also obstructed a US government investigation into the scheme.

The defendants are accused of paying more than $250 million in bribes to Indian government officials to obtain solar energy contracts worth billions of dollars for Adani Green Energy, a renewable energy company majority-owned by Adani Group. 

Adani discussed the bribery plan with officials in person, prosecutors reportedly said.

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