What you need to know about Adani's U.S. bribery indictment

Adani Total Gas

22/11/2024 07:57

BENGALURU, Nov 22 (Reuters) - Indian billionaire Gautam
Adani has been indicted by U.S. prosecutors for his alleged role
in a $265 million scheme to bribe Indian officials, sending
shockwaves across his eponymous $142 billion ports-to-soybeans
business conglomerate. 
    Here is what you need to know about the U.S. indictment.
    
    THE MAJOR U.S. INDICTMENT
    Gautam Adani, one of world's richest people, faces his
biggest challenge after being charged with seven others for
alleged bribery related to power supply deals from energy
projects in India, with U.S. authorities calling it "The Corrupt
Solar Project". 
    Adani Group says the allegations are baseless and has vowed
to seek "all possible legal recourse".    
    There is a growing spotlight on Sagar Adani, a millennial
scion of the company who kept track of hundreds of millions of
dollars of alleged bribes to Indian officials, in notes the
prosecutors described as "bribe notes".
    The alleged bribes caught the attention of U.S. authorities
as Adani's companies were raising funds from U.S.-based
investors in several transactions starting 2021.
    
    STOCK ROUT AND FALLOUT
    The U.S. indictment has jolted Adani Group debt and equity.
Adani Group bonds dropped for a second session after the news.
However, stocks in the conglomerates' companies stabilized on
Friday, a day after nearly $27 billion was knocked off from the
combined market value of those shares. 
    In a major blow, Kenya ordered the cancellation of Adani
infrastructure deals worth over $2.5 billion. And back in India,
opposition parties have demanded a probe into allegations of
wrongdoing and said they would raise the issue in parliament.
    
    WHAT NEXT FOR ADANI, LEGAL OPTIONS
    A key question is what is next for Gautam Adani? He is
charged with foreign bribery, securities fraud, securities fraud
conspiracy and wire fraud conspiracy.
    Adani has not been arrested and his whereabouts are unknown,
though he is believed to be in India. 
    A trial could still be a long way off, even if Adani is
extradited or surrenders in the U.S. 
    If convicted, Adani could face decades in prison as well as
monetary penalties, though any sentence would ultimately be up
to the judge overseeing the case.

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Indian tycoon Adani's US indictment rattles stocks; Kenya spikes
airport deal     urn:newsml:reuters.com:*:nL1N3MS02E
'Bribe notes' with per megawatt rates: filings detail Sagar
Adani's role in Indian scandal     urn:newsml:reuters.com:*:nL4N3MS1HE
What's next for Gautam Adani after U.S. bribery, fraud charges? 
   urn:newsml:reuters.com:*:nL1N3MS0YT
FACTBOX-Who are the defendants charged in US indictment of
Gautam Adani?     urn:newsml:reuters.com:*:nL1N3MS0DN
FACTBOX -The many disputes of Indian billionaire Gautam Adani   
 urn:newsml:reuters.com:*:nL4N3MS0G9
TIMELINE-Key events in Gautam Adani's US indictment over alleged
bribery scheme     urn:newsml:reuters.com:*:nL4N3MS0MC
Indian opposition calls for Adani probe, Modi's BJP questions
timing of US indictment     urn:newsml:reuters.com:*:nL1N3MS07C
BREAKINGVIEWS-Gautam Adani’s key man risk is hard to contain   
 urn:newsml:reuters.com:*:nL8N3MS0I3
NEWSMAKER-Gautam Adani, indicted in US, is a controversial
first-generation Indian tycoon     urn:newsml:reuters.com:*:nL4N3MS08Y
How Indian billionaire Gautam Adani's alleged bribery scheme
took off and unraveled     urn:newsml:reuters.com:*:nL1N3MS0L6
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 (Reporting by Munsif Vengattil in Bengaluru; Editing by Aditya
Kalra and Sonali Paul)
 ((munsif.vengattil@thomsonreuters.com;))