New Delhi: Gautam Adani, chairman of the Adani Group, finally addressed the US bribery charges against him and other executives on November 30, vowing to fight the charges and asserting his commitment to regulatory compliance.
“Less than two weeks back, we faced a set of allegations from the US about compliance practices at Adani Green Energy. This is not the first time we have faced such challenges,” Adani stated at an awards ceremony in Jaipur, framing the accusations as just another hurdle for the group to overcome. This comes as the $265 million bribery scandal continues to generate significant political and economic tremors in India and beyond.
The US indictment alleges that Adani executives, including Adani himself, his nephew Sagar Adani, and Adani Green managing director Vneet Jaain, orchestrated a scheme to bribe Indian officials for power contracts and mislead US investors.
While Adani Green Energy earlier clarified that the charges against the three executives relate to securities and wire fraud, not specifically to violations of the Foreign Corrupt Practices Act (which directly addresses bribery of foreign officials), the political fallout in India has been intense.
“What I can tell you is that every attack makes us stronger and every obstacle becomes a stepping stone for a more resilient Adani Group,” Adani added. “In today’s world, negativity spreads faster than facts, and as we work through the legal process, I want to reconfirm our absolute commitment to world-class regulatory compliance.”
Parliamentary proceedings were effectively paralysed last week, with opposition parties demanding a discussion on the Adani case clashing with the ruling party, leading to repeated adjournments in both the Lok Sabha and Rajya Sabha. The ruling party accused the opposition of deliberately obstructing legislative business.
Beyond the political arena, the scandal has already had significant business implications for the Adani Group. One Indian state is currently reviewing a power deal with the conglomerate, and French energy giant TotalEnergies has paused its investments in the group. While some partners have expressed continued confidence in Adani, the allegations have wiped billions off the market value of Adani Group companies, creating significant uncertainty about their future.
The Union government, meanwhile, has stated that it has not received any official communication from the US regarding the case.
