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Adani group clarifies charges: no FCPA violation for Gautam Adani

by admin November 27, 2024
November 27, 2024
Adani group clarifies charges: no FCPA violation for Gautam Adani

The Adani Group has issued a clarification regarding the charges against its founder, Gautam Adani, following a US indictment.

Adani Green Energy Ltd., in a stock exchange filing on Wednesday, stated that neither Gautam Adani nor his aides, Sagar Adani and Vneet Jaain, have been charged under the US Foreign Corrupt Practices Act (FCPA), contrary to some media reports.

The company clarified that the Department of Justice indictment charges Gautam Adani, Sagar Adani, and Vneet Jaain with conspiracy to commit securities fraud, wire fraud conspiracy, and securities fraud.

These charges generally carry less severe penalties than bribery.

Additionally, Gautam and Sagar Adani face a civil complaint for violating sections of the Securities Act and aiding and abetting Adani Green in violating the Act.

The Adani Group has previously denied all allegations and stated its intention to pursue legal action in its defense.

FCPA and its implications

The FCPA prohibits companies or individuals with US ties, such as public listings, American investors, or joint ventures, from offering bribes to foreign government officials in exchange for favorable treatment.

While the Adani Group does not directly trade in the US, it does have American investors, which establishes a US link.

Federal prosecutors allege that Adani and other defendants promised over $250 million in bribes to Indian officials to secure solar energy contracts, concealing this scheme while raising capital from US investors.

FCPA investigations are often complex and lengthy, involving the gathering of evidence and interviewing witnesses potentially located outside the US.

However, these cases tend to be high-profile and can lead to significant fines for companies and notable victories for prosecutors.

Potential penalties for Adani Green

Adani Green acknowledged facing potential monetary penalties under the civil complaint but stated that the specific amount has not yet been determined.

The company’s filing aims to provide clarity on the specific charges and potential repercussions of the ongoing legal proceedings.

The post Adani group clarifies charges: no FCPA violation for Gautam Adani appeared first on Invezz

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