A court document revealed that Indian billionaire Gautam Adani, who is charged with U.S. bribery in connection with a shocking federal indictment against him, has received a summons from the U.S. Securities and Exchange Commission.
In conjunction with a $750 million bond issue, the SEC is suing the head of the Adani Group and his nephew Sagar Adani, saying that they bribed hundreds of millions of dollars to support an Adani subsidiary while deceitfully claiming the company complied with anti-bribery laws and principles.
According to the filing made Wednesday in federal court in the Eastern District of New York, the summons must be answered within 21 days. The SEC lawsuit requests limitations on the Adanis’ ability to serve as officers of publicly traded firms as well as undisclosed financial penalties.
A Reuters request for comment on Sunday was not immediately answered by Adani Group executives.
The criminal charges have been rejected by the group as unfounded. According to the group CFO, no other companies within the conglomerate were charged with misconduct, and the indictment is related to a single contract of Adani Green Energy that accounts for about 10% of its operations.
On the grounds that Gautam and Sagar Adani were involved in a $265 million plan to bribe Indian officials in order to gain power-supply deals, federal prosecutors issued arrest warrants for them.
In order to get contracts that are anticipated to generate $2 billion in profit over a 20-year period and build India’s largest solar power plant project, Adani and seven other defendants, including his nephew Sagar, allegedly colluded to bribe Indian government officials.
The ports-to-power company, which was created by Adani, 62, one of the richest individuals in the world, is experiencing its second crisis in two years. Immediate repercussions included the president of Kenya canceling a large airport project with the Adani Group and billions of dollars being deducted from the market value of Adani Group companies.
Note: Every piece of content is rigorously reviewed by our team of experienced writers and editors to ensure its accuracy. Our writers use credible sources and adhere to strict fact-checking protocols to verify all claims and data before publication. If an error is identified, we promptly correct it and strive for transparency in all updates, feel free to reach out to us via email. We appreciate your trust and support!