SEC Issues Summons For Adani, Nephew On Bribery Allegations
Photo: Reuters/Amir Cohen
NEW YORK, NY (Reuters) –The U.S. Securities and Exchange Commission has issued a summons to Indian billionaire Gautam Adani, indicted on U.S. bribery allegations related to a bombshell federal indictment against him, a court filing showed.
The SEC is suing the head of the Adani Group and his nephew Sagar Adani, alleging they engaged in hundreds of millions of dollars in bribes to help an Adani company while “falsely touting the company’s compliance with antibribery principles and laws in connection with a $750 million bond offering.”
The summons requires an answer within 21 days, according to the filing on November 20 in federal court in the Eastern District of New York. The SEC suit seeks unspecified monetary penalties and restrictions on the Adanis from serving as officers of listed companies.
Adani Group representatives did not immediately respond to Reuters’ request for comment on November 24.
The group has denied the criminal charges as “baseless”. The group CFO said the indictment is linked to a contract with Adani Green Energy that makes up some 10% of its business, and that no other firms in the conglomerate were accused of wrongdoing.
Federal prosecutors issued arrest warrants for Gautam and Sagar Adani, alleging they participated in a $265 million scheme to bribe Indian officials to secure power-supply deals.
Authorities said Adani and seven other defendants, including his nephew Sagar, agreed to bribe Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India’s largest solar power plant project.
The crisis is the second in two years to hit the ports-to-power conglomerate founded by Adani, 62, one of the world’s richest people. The fallout was felt immediately, as billions of dollars were wiped off the market value of Adani Group companies and Kenya’s president canceled a massive airport project with the group.
Anil
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India should start an investigation “FOREIGN MEDDLING IN INDIAN OPERATIONS”. Create a committee of 5 with a retired judge, a retired military intelligence officer (Doval), a retired foreign service employee, an expert in Indian Finance and a retired Police officer with 10 support staff and lawyers. Small nimble team.
And start sending summons to
1) The CEOs of Tech companies
2) CEOs of Drug companies
3) CEOs of companies that were investigated in EU or other country and paid fines or jailed for wrongdoing
4) Individuals and Organizations that funded terrorism. visited Indian occupied territories or made open comments supporting separatism and terrorism and absconding Indians with pending cases in India and criminals wanted in India
5) Anything foreign they feel needs a rod in the rear for doing the same to India
Then on refusal to come follow the US and EU playbook. Run cases through a special court and issue warrants for their arrest.
Make it clear that lobbying is equivalent to bribes. Paying for trips abroad and donations to bad players and organizations may be criminal and donating to terrorists or funding or supplying terrorists is an act of crime
Let us see how the west responds or becomes friendly.
November 25, 2024