The bribery allegations made by US prosecutors against the Adani group related to only one contract of Adani Green Energy, “which is roughly 10 per cent of the overall business of Adani Green,” said group CFO, Jugeshinder Singh, in a post on microblogging site X.
“We became aware of the “specificity” of this two days ago. We were aware that something is afoot and in February 2024 we disclosed as such,” Singh posted. He pointed out that this was the first public issuance of any of its portfolio companies, subsidiaries or joint venture companies, after its FY23 annual results.
Singh said the group would make a more detailed comment on the matter “once we get counsel approvals to discuss what we can in public on a matter that is sub-judice.”
Adani Group had a portfolio of 11 public companies and “none are subject to indictment”, he said. None of the portfolio companies or issuers were accused of any wrongdoing in the legal filing in the US, he added.
On Thursday, the US Department of Justice and the US Securities and Exchange Commission filed an indictment against Gautam Adani and seven others, alleging that they had bribed Indian government officials to get solar energy contracts. During that time they had raised capital from US investors through issuance of bonds and made false and misleading statements to them.
“There is a lot of news and reports that will try to pick unrelated items and create a headline. My humble request is that we will respond in fullness of time once we review in detail the matter as presented in the legal filing,” Singh said in his post.
He added that no court had ruled on the matter and as the US DOJ had said, “these are allegations and accused have presumption of innocence.”