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Gautam Adani not facing graft charges in US: Group
The Daily Guardian
|November 28, 2024
Embattled billionaire Gautam Adani and his aides have not been charged under the US Foreign Corrupt Practices Act (FCPA), an Adani Group entity said on Wednesday, adding that they faced three other charges, including securities and wire fraud that are punishable with monetary fines.
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The US Department of Justice's (US DOJ) indictment filed in a New York Court last week does not mention Gautam Adani, founder chairman of the ports-to-energy conglomerate, his nephew Sagar, or Vneet Jaain in any count related to conspiracy to violate the FCPA, Adani Green Energy Ltd (AGEL), said in a stock exchange filing.
AGEL is at the heart of the allegation of USD 265-million bribes being paid to Indian officials to secure solar power sale contracts that could benefit bring in USD 2 billion of profits over 20year period to the firm.
The three -- executives at AGEL -- have only been charged with securities fraud conspiracy, wire fraud conspiracy, and securities fraud, the company said. In general, the penalties for such charges are less severe than bribery.
Gautam and Sagar also face a civil complaint over violation of sections of the Securities Act, and aiding and abetting Adani Green to violate the Act, the company said.
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