Key Points
- The US indictment involves one contract from Adani Green Energy, about 10% of the business.
- CFO confirms no other parts of Adani Group are involved in the charges.
- The indictment includes bribery claims about solar energy contracts and US investors.
- The group will share more details after reviewing the full legal case and getting legal approval.
- CFO stresses the presumption of innocence for those accused in the case.
Looma News
Adani Group CFO Jugeshinder Singh spoke about the recent US indictment involving bribery allegations, saying the charges are related to a single contract with Adani Green Energy. This contract makes up about 10% of the company’s total business, Singh shared on the social media platform X. The group only learned about the specifics of the case two days ago, although they had previously mentioned potential issues back in February 2024.
Singh clarified that the indictment is limited to just one contract and confirmed that none of the other 11 public companies under Adani Group are involved. He also stated that no portfolio companies or joint ventures are facing accusations. The charges, filed by the US Department of Justice and the Securities and Exchange Commission, claim that Adani Group executives, including Gautam Adani, bribed Indian government officials to secure solar energy contracts and misled US investors during bond issuances.
The CFO assured that the group will provide further comments once the full legal documents have been reviewed and after receiving approval from their legal team to share more information. He also noted that no court has made a ruling yet, and according to the US Department of Justice, those accused are considered innocent until proven guilty. Singh urged the media to be cautious and avoid jumping to conclusions before all the facts are clear.
