Gautam Adani, Chairman of the Adani Group, speaks at the Forbes CEO Summit in Singapore on Tuesday, September 27, 2022. India needs fossil fuels to serve its large populations and eliminating all fossil fuels immediately would not serve the nation, Adani. he said Photographer: Edwin Koo/Bloomberg via Getty Images
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India’s Adani Group on Thursday denied allegations of bribery and fraud made by US authorities against group chairman Gautam Adani, saying all claims were “baseless”.
Shares of India’s Adani Group of companies plunged after Gautam Adani, one of the world’s richest people, was named. Indicted in federal court in New York on charges related to an alleged bribery and fraud scheme. Shares in Adani Green Energy, the company at the center of the allegations, fell 17.9%.
An Adani Group spokesman said the allegations made by the US Department of Justice and the US Securities and Exchange Commission against Adani Green Energy’s executives were “baseless and denied”.
“The Adani Group has always maintained and is firmly committed to maintaining the highest standards of governance, transparency and regulatory compliance in all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organization that fully complies with all laws,” the spokesman said in an emailed statement.
Shares in Adani investor GQG Partners also rose around 20%. Adani and other defendants are accused of paying Indian government officials more than $250 million to obtain contracts to supply solar power for profits of more than $2 billion.
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– CNBC Boon Ping contributed to this story.
