Adani Group Defies US Indictment and Strengthens Resolve

Indian billionaire Gautam Adani has clarified that no person from his conglomerate is facing charges from the U.S. related to the Foreign Corrupt Practices Act or a conspiracy to obstruct justice, following a federal indictment alleging a $250 million bribery scheme. These allegations concern purported payments to Indian officials to secure solar energy contracts. During his first public statement since the indictment became known on November 21, Asia's second-richest man emphasized his commitment to world-class regulatory compliance. At an award ceremony in Jaipur, Adani stated that every challenge makes the Adani Group stronger and that obstacles serve as a stepping stone for a more resilient future. The indictment led to turmoil in Adani stocks and prompted Adani Green to cancel a $600 million bond. Additionally, India's market regulator raised questions. U.S. prosecutors allege that Adani and his allies misled U.S. investors about their anti-corruption practices. Adani also pointed out that a "short-selling campaign from abroad," alluding to the Hindenburg Research report from January 2023, attracted attention. This report alleged extensive fraud within the company and led to a stock plunge. The Adani Group denies all allegations and will defend itself in court. The aftermath of this investigation, according to Adani, has made him even stronger, although the impacts of such inquiries can often last for years. Adani Green announced that potential financial penalties from a civil lawsuit have not yet been determined, while the group suffered a market value loss of around $55 billion across 11 listed companies.