New Delhi: Adani Green Energy sought to clarify that the group’s chairman Gautam Adani, his nephew Sagar Adani, the company’s managing director Vneet Jaain have not been charged with the US Foreign Corrupt Practices Act.
Gautam Adani is the chairman of Adani Green Energy. Sagar Adani is the company’s executive director.
The US department of justice and the Securities and Exchange Commission indicted Gautam Adani and other representatives of the Adani Group in a massive bribery scam case on November 21. The Adani Group has called the charges baseless.
The company’s note came in response to reports on media outlets that the two Adanis and Jaain have been charged under the FCPA.
“Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of the FCPA in the indictment of the US DOJ or civil complaint of the US SEC,” the note said. It added:
“They have been charged on three counts in the criminal indictment namely;
(i) alleged securities fraud conspiracy,
(ii) alleged wire fraud conspiracy, and
(iii) alleged securities fraud.”
The US FCPA makes it unlawful for certain classes of persons and entities to make payments to foreign government officials to assist in obtaining or retaining business. These anti-bribery provisions of the FCPA apply to all US citizens and certain foreign issuers of securities as well.
The FCPA also requires companies whose securities are listed in the United States to meet its accounting provisions.
