India's Adani Group calls US bribery charges 'baseless'
National
By
AFP
| Nov 21, 2024
India's Adani Group on Thursday rejected charges made by US prosecutors that its founder Gautam Adani had paid more than $250 million in bribes to secure lucrative government contracts.
"The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied," the conglomerate said in a statement, adding that "all possible legal recourse will be sought".
Wednesday's indictment accuses Adani and multiple subordinates of paying huge sums of more than $250 million in bribes to Indian officials for lucrative solar energy supply contracts.
The deals were projected to generate more than $2 billion in profits after tax over roughly 20 years.
None of the multiple defendants named in the case are in custody.
READ MORE
Kenya banks on new zones, investor deals to boost exports and jobs
Africa launches first AI data centre
New financing model takes on Kenya's smartphone affordability crisis
How e-Commerce is reshaping shopping in Kenya
Stakeholders call for mentorship programmes to combat youth unemployment
How high borrowing costs compound Kenya's debt challenges
Kweli Capital acquires Old Mutual Securities in brokerage push
Absa Bank appoints Mohamed Nyaoga as board chair
Why Kenya has surrendered key transport corridor to China
Why government is the biggest winner in Kenya's lending market
"The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations," the statement added.
"We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws."