US Probing Adani Group Over Bribery: Bloomberg
India-West News Desk
NEW YORK, NY – The Adani Group, the major conglomerate in India, faces heightened scrutiny as US prosecutors delve into potential bribery allegations involving billionaire founder Gautam Adani, sources familiar with the matter revealed said Bloomberg and subsequently reported in several Indian media outlets.
Led by the US Attorney’s Office for the Eastern District of New York and the Justice Department’s fraud unit in Washington, the investigation focuses on whether Adani Group entities or individuals associated with the company engaged in bribery to secure favorable treatment for an energy project in India. The inquiry also extends to Indian renewable energy firm Azure Power Global Ltd.
In response to the allegations, the Adani Group issued a statement affirming its adherence to the highest governance standards and compliance with anti-corruption laws in India and other countries.
The investigation stems from allegations raised by short-seller Hindenburg Research last year, accusing the Adani conglomerate of stock price manipulation and accounting fraud. Although Adani vehemently denied these claims, its shares initially suffered a decline before recovering.
Despite the ongoing investigation, the US government has maintained collaborations with Adani Group entities. Notably, the US International Development Finance Corp. provided significant financing to an Adani unit for a port terminal project in Sri Lanka, aiming to counterbalance China’s influence in the region.
The probe into Adani Group’s activities has reached an advanced stage, with the Justice Department empowered to continue investigations without formal notification to the involved parties. As of now, neither Gautam Adani, his company, nor Azure Power have been charged with any wrongdoing, and investigations do not necessarily result in prosecutions.
Under the Foreign Corrupt Practices Act (FCPA), US prosecutors can pursue foreign corruption allegations if they involve American investors or markets. Although Adani Group doesn’t trade in the US, it does have American investors.
The unfolding investigation underscores the geopolitical significance of the Adani Group, deeply embedded in the Indian economy and closely monitored by the White House as a potential ally in countering China’s influence.
Anil
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Should the Biden Govt. not investigate the BRIBERY of politician campaign funds.
Search Apple Versus Masimo and donations by Masimo CEO. Not me saying this. It is the reports in media.
March 19, 2024PAmin
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This is international politics. Deep state involved. First they tried hiddenberg thing. It did not work as Adani rearranged financing. Now this US corruption thing. They are trying to destroy Adani as he controls 17 sea ports who can block the international maritime traffic.
March 19, 2024K D Singh
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Amazing allegation and investigation in continental US about Adani in India. Why not focus on graft and corruption here at home before venturing overseas!
March 19, 2024Pradeep Srivastava
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Additional details have been provided by the article published in livemint.com, “ US probing Adani Group over potential bribery, company denies foul”, dated 16 Mar 2024, 06:40 AM IST, and Written By Shivangini, in the following excerpt.
“The investigation follows allegations from short-seller Hindenburg Research last year, which claimed that the Adani conglomerate manipulated its stock price and committed accounting fraud. The group has firmly denied these allegations, and its shares have largely recovered from the initial plunge, the report added.
Despite the scrutiny, the US government has continued to work with Adani Group entities. Last year, the US International Development Finance Corp. provided $553 million in financing to an Adani unit for a port terminal in Sri Lanka’s capital, aiming to counter China’s influence in the region, as per the report.
The Adani probe is now at an advanced stage, and the Justice Department can pursue its investigations without notifying the parties involved. Gautam Adani, his company, and Azure have not been charged with wrongdoing by the Justice Department, and investigations do not always lead to prosecutions, according to the report.
The Foreign Corrupt Practices Act (FCPA) allowed US prosecutors to pursue foreign corruption allegations if certain links to American investors or markets exist. Adani Group does not trade in the US but has American investors.
March 19, 2024As the investigation unfolds, it highlighted the geopolitical implications surrounding the Adani Group, deeply intertwined with the Indian economy and closely watched by the White House as a potential ally against China’s influence, the report added.
(With Inputs from Bloomberg)”
pemba
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Probing bribery in India by the USA is wasting the time. The thumb rule in India is taking bribe on every step of any business, civil, or social activity. Open secret in several Asian countries is bribery.
March 19, 2024