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News on Medial
US SEC seeks India's help in Adani fraud probe
VCCircle
·
5m ago
Medial
The U.S. Securities and Exchange Commission (SEC) has requested assistance from Indian authorities in investigating Adani Group founder Gautam Adani and his nephew, Sagar Adani, over alleged securities fraud and a $265 million bribery scheme. While efforts to serve the complaint are ongoing, the SEC is seeking India's Ministry of Law and Justice's help. Neither is in U.S. custody as they are in India. Adani Group has denied the allegations, calling them baseless.
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Related News
Gautam Adani ‘bribery’ case: How the troubles began since Hindenburg allegations — a timeline | Company Business News
Livemint
·
8m ago
Medial
The Securities and Exchange Commission (SEC) has charged Adani Group Chairman Gautam Adani and his nephew Sagar Adani, among others, with involvement in a multi-billion-dollar bribery and fraud scheme. The SEC alleges that Adani Green Energy and Azure Power raised funds from US investors, promising bribes to Indian government officials to secure solar energy contracts. This comes after a report by US-based short seller Hindenburg Research alleged stock manipulation and accounting fraud by the Adani Group, leading to significant market value losses. Adani Enterprises also saw a drop in share price and Gautam Adani's net worth.
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US SEC issues summons for Gautam Adani, nephew on bribery allegations
VCCircle
·
8m ago
Medial
The US Securities and Exchange Commission (SEC) has issued a summons to Indian billionaire Gautam Adani and his nephew, Sagar Adani, regarding allegations of bribery. The SEC is suing them for engaging in hundreds of millions of dollars in bribes to assist an Adani company with a bond offering. The Adani Group has denied the charges and stated that they are baseless. Gautam and Sagar Adani have also been accused of participating in a $265 million scheme to bribe Indian officials for power-supply contracts. The Adani Group's market value has been significantly affected by these allegations.
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SEC reopens probe into Elon Musk's Neuralink
Economic Times
·
7m ago
Medial
The US Securities and Exchange Commission (SEC) has reopened an investigation into Elon Musk's brain-chip startup Neuralink. A letter from Musk's lawyer to the outgoing SEC Chair mentioned a settlement demand and offered a 48-hour window for Musk to make a monetary payment or face charges. The letter also stated that Musk and his lawyer would not be intimidated by the SEC and reserved their legal rights. Neither the SEC nor Neuralink have provided any comment on the matter.
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Adani, others accused of paying $250M bribes to secure lucrative solar deals
YourStory
·
8m ago
Medial
Indian billionaire Gautam Adani, chairman of the Adani Group, has been charged by US prosecutors for his alleged involvement in a scheme to pay $250 million in bribes to Indian officials in order to secure favorable solar power contracts. Adani, along with his nephew Sagar and other defendants, is accused of orchestrating an elaborate scheme to bribe government officials. The charges include securities fraud, securities fraud conspiracy, and wire fraud conspiracy. The Adani Group has not yet responded to the charges.
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US probing Adani Group over potential bribery, company denies foul
Livemint
·
1y ago
Medial
US prosecutors are reportedly expanding their investigation into India's Adani Group, with a focus on potential bribery and the conduct of founder Gautam Adani. The investigation is examining whether an Adani entity or individuals associated with the company paid officials in India for preferential treatment on an energy project. It also extends to Indian renewable energy firm Azure Power Global Ltd. Adani Group denies knowledge of any investigation against its chairman and affirms compliance with anti-corruption laws. The investigation follows allegations of stock price manipulation and accounting fraud made by Hindenburg Research last year.
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TotalEnergies pauses business with Adani, says it was not aware of US probe
VCCircle
·
8m ago
Medial
French oil company TotalEnergies has announced that it will suspend its financial contributions to Adani Group investments amid an ongoing US investigation into possible bribery and corruption at Adani Green Energy. Total holds a 20% stake in Adani Green Energy and claims it was not made aware of the investigation. Last week, US prosecutors charged eight individuals, including Indian tycoon Gautam Adani, with making improper payments to Indian officials for business advantages. TotalEnergies has described its relationship with Adani as a "strategic alliance" and estimates its financial exposure to Adani firms at around $4-5 billion.
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Adani may see wider impact from US setback
Livemint
·
8m ago
Medial
The Adani Group, an Indian conglomerate, has denied bribery charges following an indictment in the US. The US Department of Justice accused the company's founder, Gautam Adani, and other executives of bribing Indian officials to secure green power supply agreements. The US Securities and Exchange Commission also accused the Adani Group of securities fraud. Investors in Adani group companies lost ₹2.24 trillion ($29.9 billion) as shares plunged. The indictment could result in hefty fines and legal battles, potentially damaging the group's creditworthiness and access to investors. Ratings firm Moody's highlighted the negative implications this could have on the company's creditworthiness.
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Adani ‘bribery’ case: Can Adani be arrested from India? Allegations, charges and possible penalties explained | Company Business News
Livemint
·
8m ago
Medial
Gautam Adani, the Chairperson of Adani Group, is facing criminal charges in the United States over alleged fraud and bribery. The charges include conspiring to pay bribes to Indian government officials to obtain contracts and develop a solar power plant project. Adani is accused of securities fraud, securities fraud conspiracy, and wire fraud conspiracy. If convicted, he could face decades in prison and significant monetary penalties. The extradition process and legal proceedings are expected to be lengthy. Adani Group has denied all allegations and charges.
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Indian-origin Sanjay Wadhwa of SEC to lead probe against Adani Group over bribery indictment: All you need to know | Company Business News
Livemint
·
8m ago
Medial
Sanjay Wadhwa, an Indian-origin official, is leading the investigation into alleged bribery and fraud involving billionaire industrialist Gautam Adani and other executives of the Adani Group. Wadhwa is the Acting Director of the SEC's Division of Enforcement and has a track record of holding corporate leaders accountable for securities violations. Tejal Shah, also of Indian-origin, is assisting in the investigation. Adani and his nephew are accused of paying bribes to Indian officials and misleading investors. Wadhwa's expertise in securities law enforcement makes him well-suited for the case.
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US SEC has extended timeline for Musk to respond to settlement offer in Twitter probe, source says
Economic Times
·
7m ago
Medial
The US Securities and Exchange Commission (SEC) has extended the deadline for Elon Musk to respond to its settlement offer regarding an inquiry into his $44-billion takeover of Twitter in 2022. Initially given 48 hours to agree to pay a penalty or face charges, Musk requested additional time, prompting the extension to Monday. Neither the SEC nor Musk's lawyer have commented on the matter so far.
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