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Gautam Adani bribery case: No direct agreement involved, says Jagan Reddy’s YSRCP over charges of power purchase | Company Business News

Livemint

Livemint · 7m ago

Gautam Adani bribery case: No direct agreement involved, says Jagan Reddy’s YSRCP over charges of power purchase | Company Business News

The YSR Congress party claims that the Andhra Pradesh government had no direct agreement with Adani Group regarding the power sale pact. The party stated that the agreement was signed between the Solar Energy Corporation of India (SECI) and AP Discoms, and not directly with Adani Group. The party's response comes after Adani Group was indicted by the US Department of Justice for allegedly paying bribes for solar power contracts in Andhra Pradesh during the YSRCP's rule. The YSR Congress party emphasized that the allegations against the state government are incorrect as there is no direct agreement with Adani Group.

Related News

Adani CFO refutes US allegations: ‘Individuals accused in bribery case to clarify matter in 10 days’ | Company Business News

Livemint

Livemint · 7m ago

Adani CFO refutes US allegations: ‘Individuals accused in bribery case to clarify matter in 10 days’ | Company Business News

Adani Group CFO, Jugeshinder Singh, has refuted the bribery allegations against group executives made by the US, stating that the accusations are unfounded. Singh stated that the individuals involved will provide clarity on the matter within 10 days. US authorities had accused Chairman Gautam Adani, his nephew Sagar Adani, and managing director of Adani Green, Vneet S. Jaain, of participating in a $265 million bribery scheme to secure solar power contracts in India. Adani Group has consistently denied the charges and pledged to explore legal options.

Adani bribery case: whistleblowers, WhatsApp texts, and ‘incentives’

Livemint

Livemint · 7m ago

Adani bribery case: whistleblowers, WhatsApp texts, and ‘incentives’

The US Department of Justice has indicted billionaire Gautam Adani and seven others from the Adani group in a $250 million bribery scam. The charges come after a two-year probe triggered by whistleblower complaints alleging financial impropriety. The Adani group, which denied the allegations, saw the stocks of its company sink following the indictment. The probe revolves around payments made to Indian government officials in relation to power purchase agreements. The charges pose challenges for the group's foreign fundraising efforts and come after previous allegations of stock market manipulation and accounting fraud.

Adani ‘bribery’ case: Andhra Pradesh likely to suspend Adani Group’s power supply deal | Company Business News

Livemint

Livemint · 7m ago

Adani ‘bribery’ case: Andhra Pradesh likely to suspend Adani Group’s power supply deal | Company Business News

Indian state, Andhra Pradesh, is reportedly planning to suspend a power purchase deal with Adani Group due to the recent indictment of founder Gautam Adani over an alleged bribery scheme. The state will ask for an investigation into the charges, which accuse Adani and others of paying bribes to obtain solar power-supply contracts. If the suspension goes ahead, it would be the first action taken by an Indian state government following the indictment. The Adani Group has stated that the allegations are baseless.

Adani ‘bribery’ case: Can Adani be arrested from India? Allegations, charges and possible penalties explained | Company Business News

Livemint

Livemint · 7m ago

Adani ‘bribery’ case: Can Adani be arrested from India? Allegations, charges and possible penalties explained | Company Business News

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.

US SEC issues summons for Gautam Adani, nephew on bribery allegations

VCCircle

VCCircle · 7m ago

US SEC issues summons for Gautam Adani, nephew on bribery allegations

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.

Billionaire Gautam Adani indicted in US for alleged bribery scheme, White House says ‘we are confident…’

Livemint

Livemint · 7m ago

Billionaire Gautam Adani indicted in US for alleged bribery scheme, White House says ‘we are confident…’

The White House has acknowledged the bribery allegations against Gautam Adani, chairman of the Adani Group. Adani and several others have been indicted by US authorities for allegedly participating in a bribery and fraud scheme valued at $265 million. Adani Group has denied the charges and plans to seek legal options. The White House is aware of the situation but did not comment further. The US-India relationship remains strong, according to White House press secretary Karine Jean-Pierre. Specific details of the investigation are being handled by the Securities and Exchange Commission and Department of Justice.

Adani units in talks with MUFG for $250 mn offshore loans

Economic Times

Economic Times · 5d ago

Adani units in talks with MUFG for $250 mn offshore loans

Adani Group's subsidiaries, Adani Ports and Adani Airport Holdings, are negotiating to secure $250 million in offshore loans from Mitsubishi UFJ Financial Group (MUFG). Adani Ports aims to raise $100 million, while Adani Airport Holdings looks to secure $150 million. This potential deal would represent the first such loan by MUFG to Adani since allegations of bribery involving Gautam Adani. The Adani port agreement might be finalized soon, and discussions are ongoing with additional Japanese lenders.

After GQG, Abu Dhabi's IHC backs Adani over US indictment

Livemint

Livemint · 7m ago

After GQG, Abu Dhabi's IHC backs Adani over US indictment

International Holding Company (IHC), the investment arm of Abu Dhabi's ruling family, has expressed its confidence in the Adani group despite the recent indictment of Gautam Adani and others by US federal prosecutors for alleged bribery. IHC, the third-largest foreign investor in Adani with a $2.5 billion investment, stated that its strategy is focused on long-term growth and sustainability. Other major investors in Adani include TotalEnergies and GQG Partners. Adani group denies all charges and has suffered a significant loss in market capitalization following the indictment.

US bribery charges linked to only one contract, comprises 10% of business: Adani Group CFO | Company Business News

Livemint

Livemint · 7m ago

US bribery charges linked to only one contract, comprises 10% of business: Adani Group CFO | Company Business News

Indian billionaire Gautam Adani, along with seven others, has been indicted by US prosecutors for their alleged involvement in a $265 million bribery scheme to secure power-supply deals in India. Adani, one of the world's richest individuals, has denied the allegations. The indictment is linked to one contract of Adani Green Energy, which constitutes around 10% of its overall business. Other companies in the Adani conglomerate are not accused of any wrongdoing. The charges have had significant consequences, with Adani's shares falling and some global banks considering halting fresh credit to the group.

Fitch Ratings says it may cut some Adani Group bonds to junk status

Livemint

Livemint · 7m ago

Fitch Ratings says it may cut some Adani Group bonds to junk status

Fitch Ratings is considering downgrading some bond ratings of the Adani Group to speculative territory following the charges against founder Gautam Adani in a bribery scheme. The US rating company will closely monitor the investigations, as the outcomes could indicate weaker corporate governance practices at the Indian conglomerate. Adani Group denies the allegations and asserts that its portfolio companies have enough liquidity to cover debt-servicing requirements for the next year. Fitch has placed Adani Ports & Special Economic Zone's bonds on watch for a possible downgrade and has also placed Adani Energy Solutions' long-term issuer default ratings on watch.

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