Gautam Adani, chairman of Adani Group, speaks through the Forbes CEO Summit in Singapore, on Tuesday, Sept. 27, 2022. India wants fossil fuels to serve giant populations and eliminating all fossil fuels immediately wouldn’t work for the nation, Adani mentioned. Photographer: Edwin Koo/Bloomberg through Getty Photos
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India’s Adani Group on Thursday denied allegations of bribery and fraud made by U.S. authorities in relation to the group’s chair Gautam Adani, saying all claims had been “baseless.”
Shares of corporations in India’s Adani Group plunged after Gautam Adani, one of many world’s richest individuals, was indicted in a New York federal court docket on expenses relating to an alleged bribery and fraud scheme. Shares in Adani Inexperienced Power, the agency on the middle of the allegations, slumped 17.9%.
An Adani Group spokesperson mentioned the allegations made by the U.S. Division of Justice and the U.S. Securities and Trade Fee towards administrators of Adani Inexperienced Power are “baseless and denied.”
“The Adani Group has all the time upheld and is steadfastly dedicated to sustaining the very best requirements of governance, transparency and regulatory compliance throughout all jurisdictions of its operations. We guarantee our stakeholders, companions and staff that we’re a law-abiding organisation, totally compliant with all legal guidelines,” the spokesperson mentioned in an emailed assertion.
Shares of Adani investor GQG Companions additionally cratered round 20%. Adani and different defendants are accused of paying Indian authorities officers over $250 million in bribes to acquire photo voltaic power provide contracts value greater than $2 billion in income.
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– CNBC’s Boon Ping contributed to this story.
