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
Giant society turns to land lease to grow revenues
Flower growers halt expansion projects over tax refund delay
GDP to grow by 5.3pc this year, say Parliament think tank
Infrastructure fund will be well managed: Mbadi
Engineers told to uphold integrity amid graft concerns
Regional business lobby urges EAC countries to address emerging non-tariff barriers
Engineers warn Kenya is losing billions through raw mineral exports
Insurers keen to adopt AI, IoT in service delivery
Poor skills, financing sink MSMEs
From awareness to action: How e-commerce is transforming media advertising
"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."