The U.S. Securities and Exchange Commission (SEC) has charged billionaire Gautam Adani, founder and chairman of the Adani Group, with allegedly defrauding American investors and bribing officials
Adani Group Chairman Gautam Adani | Photo Credit: AP
The U.S. Securities and Exchange Commission (SEC) has charged billionaire Gautam Adani, founder and chairman of the Adani Group, with allegedly defrauding American investors and bribing officials. The SEC alleged that the bribery scheme was orchestrated to enable renewable energy companies Adani Green and Azure Power to capitalise on a multi-billion-dollar solar energy project awarded by the Indian government. The complaint charges them with violating the antifraud provisions of the federal securities laws and seeks permanent injunctions, civil penalties, and officer and director bars.
Dollar bond prices for Adani companies fell sharply in early Asia trade on Thursday (November 21, 2024) after Adani was charged with wire and securities fraud by the U.S. attorney’s office for the Eastern District of New York.
Prices for Adani Port and Special Economic Zone debt maturing in August 2027 fell more than five cents on the dollar, according to LSEG data. Adani Electricity Mumbai debt maturing in February 2030 fell nearly eight cents and dollar bonds issued by Adani Transmission also notched falls larger than five cents to trade just above 80 cents.
Gautam Adani | From a trader to the world’s third-richest
Industrialist Gautam Adani, who founded the ports-to-green energy Adani Group, last week broke into the top three in the Bloomberg Billionaires Index, trailing only Tesla founder Elon Musk and Amazon boss Jeff Bezos. Mr. Adani, whose net worth is pegged at just over $140 billion as on September 3 according to the index, surpassed luxury brand LVMH owner Bernard Arnault to occupy the third slot, the first Asian to do so.
In yet another big milestone for Adani Group of Industries founder Gautam Adani, he has become the world’s third-richest person as per the Bloomberg Billionaires Index. Elon Musk retained the top spot with his net-worth touching $251.4 billion, followed by Jeff Bezos ($153.4 Billion) and Mr. Adani at $137.4 billion. This is the first time an Asian person has broken into the top three as Mr. Adani overtook France’s Bernard Arnault.
Gautam Adani indicted in U.S. with bribery; bond deal pulled
Gautam Adani, the billionaire chair of Indian conglomerate Adani Group and one of the world’s richest people, has been indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme, according to U.S. prosecutors.
Authorities said Mr. Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to 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.
Gautam Adani charged with alleged bribery scheme; hiding plan to bribe Indian officials, says U.S.
The U.S. Securities and Exchange Commission (SEC) has charged billionaire Gautam Adani, founder and chairman of the Adani Group, with allegedly defrauding American investors and bribing officials.
Mr. Adani (62) and his nephew Sagar Adani (30), executives of Adani Green Energy Limited, and Cyril Cabanes, an executive of Azure Power Global Limited, were charged on Wednesday (November 20, 2024) with conspiracy to commit securities and wire fraud, as well as substantive securities fraud.
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