The Adani Group has refuted the bribery allegations made by the US Department of Justice (DoJ) and the US Securities and Exchange Commission against its founder and Chairman, Gautam Adani, his nephew Sagar Adani, and the MD & CEO of Adani Green Energy, Vneet Jaain.
In response to the growing controversy over corruption allegations, Adani Green Energy Ltd (AGEL) stated in an exchange filing on November 27 that the reported charges against Gautam Adani, Sagar Adani, and senior executive Vneet Jaain, as outlined by the US Department of Justice (DoJ), are “incorrect".
The DoJ indictment, which has drawn significant media attention, does not include these three Adani officials in any corruption or bribery counts, per the statement by Adani Green Energy Ltd.
In a filing with the stock exchanges, AGEL strongly refuted claims made by various media outlets suggesting that the executives were involved in violations of the US Foreign Corrupt Practices Act (FCPA), the company added.
“Media reports stating that Mr. Gautam Adani, Mr. Sagar Adani, and Mr. Vneet Jaain have been charged with violations of the US Foreign Corrupt Practices Act (FCPA) are incorrect,” the company said.
The statement went on to clarify that these officials have not been named in the DoJ’s indictment or in any civil complaint filed by the US Securities and Exchange Commission (SEC). The indictment, which includes five charges, does not mention any Adani executives in connection with conspiracy to violate the FCPA or obstruct justice, said the statement.
Instead, the corruption-related charges in the DoJ indictment are focused on executives from Azure Power and its largest shareholder, CDPQ, a Canadian institutional investor. The indictment names individuals like Ranjit Gupta, Cyril Cabanes, and others connected to Azure Power, as per the company statement.
Despite this, certain media reports misinterpreted the indictment, erroneously claiming that Adani executives were charged under all five counts, the statement further claimed.
While no bribery or corruption charges have been levied against the Adani executives, they are named in three counts relating to securities fraud and wire fraud conspiracy. These charges are separate from the bribery allegations and do not involve the FCPA, as per the company statement.
The DoJ indictment does not present any direct evidence that Adani executives paid bribes to Indian government officials. The claims are based on allegations of promises or discussions of bribes, with no confirmation of actual payments, the company statement added.
The flawed reporting and the ongoing legal proceedings have had significant financial and reputational consequences for the Adani Group. International projects have been cancelled, and the group has seen a nearly $55 billion loss in market capitalisation across its 11 listed companies, said the company in a statement.
In a statement, Jugeshinder Robbie Singh, Group CFO of Adani Group, expressed confidence that the truth would prevail despite the challenges. “Truth is starting to emerge. To all who are patient and value integrity and honesty, thank you for your support. We are in an uphill battle with well-funded forces of blatant lies, unethical and irresponsible reporting. However, the truth will finally emerge,” he posted on X.
Former Attorney General and senior lawyer Mukul Rohatgi, representing the Adani Group in several other cases, today told reporters that the vital counts (similar to charges under the IPC) in the United States indictment papers do not name Gautam Adani or his nephew Sagar Adani.
Addressing the media today in his individual capacity, he added, “When you look at a charge sheet, you should be specific to say so and so has done such an act, so and so have bribed certain individuals. This is a charge sheet alleging that these people, including Adani, have bribed Indian officials in Indian entities relating to supply and purchaser power. But I do not find a single detail in the charge sheet as to who has been bribed and in what manner he has been bribed. And the official belonging to such and such department is completely silent. I am sure Adani Group will take legal opinion.”
