No Bribery Charges Against Gautam Adani In US DoJ Indictment: Adani Group

The Adani Group said on Wednesday (27 November) that its chairman Gautam Adani, his nephew Sagar Adani, and senior executive Vneet Jaain are clear of any bribery charges per the US Department of Justice.

In stock exchange filing, Adani Green, one of the Group's subsidiaries, termed media reports on the matter as "incorrect."

"Mr Gautam Adani, Mr Sagar Adani and Mr 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 complaint of the US SEC (EXPAND)," the Adani Group said in a statement.

FCPA refers to the US Foreign Corruption Practices Act.

The US Department of Justice indictment lists five charges, but the first and fifth counts—conspiracy to violate the FCPA and conspiracy to obstruct justice—make no reference to Gautam Adani, Sagar Adani, or Vneet Jaain, the statement clarified.

"These directors 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 statement said.

The Adani Group criticised the foreign and domestic media, stating that a "flawed understanding" of the US indictment had resulted in "incorrect and reckless reporting" that the three Adani Group directors faced corruption and bribery charges.

The group highlighted that the US indictment was based solely on claims of bribes being discussed or promised, with no evidence provided of Indian government officials receiving any bribes from Adani executives.

At a press conference, senior lawyer Mukul Rohatgi stated that the chargesheet lacked any specifics about the individuals allegedly bribed.

"The ill-founded US action and reckless false reporting have led to significant repercussions for the Indian conglomerate, such as international project cancellations, financial market impact, and sudden examination from strategic partners, investors, and the public," said the Adani statement.

The group reported a significant financial impact, revealing that its market capitalisation across 11 listed firms had dropped by around $55 billion since the announcement of the US DoJ indictment.

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