Washington, USA: Adani Group Faces Bribery Allegations; TotalEnergies Halts Investments

Washington, USA: Allegations of bribery involving the Adani Group have raised concerns among its investors and partners. U.S. prosecutors have charged company founder Gautam Adani, his nephew Sagar Adani, and Managing Director Vineet S. Jaain with paying $265 million in bribes to secure power contracts in India. The indictment also accuses them of misleading American investors.

Adani Green Energy, a subsidiary of the group, has engaged independent legal experts to investigate the claims. In a 33-page regulatory filing on January 23, the company reiterated its commitment to compliance but did not disclose the law firms involved.

The investigation focuses on a 2021 solar energy deal in Andhra Pradesh, where objections overvaluation and financial risks were allegedly bypassed. This has prompted one Indian state to reconsider its energy deal with the group, while TotalEnergies has paused future investments.

Since the allegations surfaced, Adani Green Energy's stock has dropped over 27%, reflecting the growing unease among stakeholders