Adani Group CFO says bribery case accused to clarify matters in next 10 days
By Reuters |
The ports-to-power conglomerate has previously denied the charges as "baseless" and vowed to seek "all possible legal recourse".
Adani Group's finance chief said on Friday that individuals accused by U.S. authorities of being part of a $265 million bribery scheme, including Chairman Gautam Adani, would clarify matters over the next 10 days.
"As a group, there will not be any action (on the U.S. indictment) but individuals will be taking steps," Adani Group CFO Jugeshinder Singh told reporters on the sidelines of an event in Mumbai.
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U.S. authorities accused Adani, 62, his nephew and executive director Sagar Adani and managing director of Adani Green, Vneet S. Jaain, of being part of a scheme to pay bribes of $265 million to secure Indian solar power supply contracts, and misleading U.S. investors during fund raises there.
The ports-to-power conglomerate has previously denied the charges as "baseless" and vowed to seek "all possible legal recourse".
"As a group, there will not be any action (on the U.S. indictment) but individuals will be taking steps," Singh said on Friday.
The U.S. indictment has had major ripple effects: Adani shares plummeted last week, at least one Indian state is reviewing its power deal with Adani, the Indian parliament has been disrupted amid political uproar and TotalEnergies TTEF.PA has decided it will not make any more investments in the group.
Kenyan President William Ruto has also ordered the cancellation of the proposed Jomo Kenyatta International Airport (JKIA) and the Kenya Electricity Transmission Company Limited (KETRACO) deals with the Indian conglomerate.
India's foreign ministry, in the country's first official reaction to Adani's indictment, said on Friday that bribery allegations against the billionaire were a legal issue between private companies and the U.S. Department of Justice and that New Delhi has not received any request on this case from Washington.
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