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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
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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 seeks India's help in Adani fraud probe
VCCircle
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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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Adani ‘bribery’ case: Andhra Pradesh likely to suspend Adani Group’s power supply deal | Company Business News
Livemint
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8m ago
Medial
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.
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Gautam Adani ‘bribery’ case: How the troubles began since Hindenburg allegations — a timeline | Company Business News
Livemint
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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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After GQG, Abu Dhabi's IHC backs Adani over US indictment
Livemint
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8m ago
Medial
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.
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US bribery charges linked to only one contract, comprises 10% of business: Adani Group CFO | Company Business News
Livemint
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8m ago
Medial
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.
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Kenya cancels proposed power transmission deal with Adani Group following US bribery indictment scandal
Livemint
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8m ago
Medial
Kenya has cancelled a power transmission deal with Adani Group after the group was indicted in a bribery scandal in the US. The cancellation decision was made following the indictment of executives of Adani Group for alleged bribery in relation to a power transmission project in India. The cancellation reflects Kenya's commitment to fighting corruption and maintaining ethical business practices. Stay up to date with the latest news, financial performance, and market changes of companies across various industries.
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TotalEnergies halts Adani investments; GQG bets on Indian govt backing amid US bribery charges | Company Business News
Livemint
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8m ago
Medial
French energy company TotalEnergies has decided not to invest additional capital in Adani Group companies following the indictment of top executives in a $250m bribery case. However, major investor GQG Partners remains optimistic and expects the Indian government to support the conglomerate. GQG Partners acknowledge the seriousness of the allegations against individuals, but believes the fundamentals of the invested companies remain sound. The US Department of Justice and Securities and Exchange Commission have charged Adani Group founder Gautam Adani and others with allegedly paying bribes to Indian government officials.
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Adani may see wider impact from US setback
Livemint
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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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US SEC issues summons for Gautam Adani, nephew on bribery allegations
VCCircle
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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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Adani Group stocks plunge after US indictments
VCCircle
·
8m ago
Medial
Shares of Adani Group companies saw a sharp decline in market value after the chairman, Gautam Adani, was indicted by U.S. authorities for his alleged involvement in a bribery and fraud scheme. The group lost approximately $22 billion in market capitalization in early trading. The charges claim that Adani and seven others paid bribes to Indian officials to secure profitable contracts and develop a major solar power plant project. The indictment follows previous allegations made by U.S. shortseller Hindenburg Research regarding Adani's use of tax havens and stock manipulation.
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