Gautam Adani faces no bribery charges: Adani Group

PTI New Delhi: Embattled billionaire Gautam Adani and his aides have not been charged under the US Foreign Corrupt Practices Act, an Adani Group entity said on Wednesday, adding that they faced three other charges, including securities and wire fraud that are punishable with monetary fines. The US Department of Justice's (US DOJ) indictment filed in a New York Court last week does not mention Gautam Adani, founder chairman of the portsto- energy conglomerate, his nephew Sagar, or Vneet Jaain in any count related to conspiracy to violate the FCPA, Adani Green Energy Ltd (AGEL), said in a stock exchange filing. AGEL is at the heart of the allegation of USD 265-million bribes being paid to Indian officials to secure solar p o w e r sale contracts that could benefit bring in USD 2 billion of profits over 20- year period to the firm.

The three executives at AGEL have only been charged with securities fraud conspiracy, wire fraud conspiracy, and securities fraud, the company said. In general, the penalties for such charges are less severe than bribery. Gautam and Sagar also face a civil complaint over violation of sections of the Securities Act, and aiding and abetting Adani Green to violate the Act, the company said. Adani Group had last week denied all allegations as baseless, and said it would seek legal recourse to defend itself. The FCPA makes it a crime for a company or person with US links such as a public listing, American investors or a joint venture to pay or offer something of value to another government's officials for favourable treatment.

While none of the Adani group firms trade in the US, some of them like AGEL do have American investors invested in equity or debt. "Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or civil