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Adani CFO defends against US charges, says linked to one business contract

NEW DELHI, Nov 23 (Reuters) – A U.S. bribery indictment of Indian billionaire Gautam Adani is linked to one contract of Adani Green Energy comprising some 10% of its business, and none of the conglomerate’s other companies are accused of wrongdoing, the group’s CFO said on Saturday. On Wednesday, Gautam Adani, one of the world’s richest men, and seven others were indicted, opens new tab for fraud by U.S. prosecutors over their alleged roles in a $265 million scheme to bribe Indian officials to secure power-supply deals. Adani Group has denied the allegations calling them “baseless”. Group CFO Jugeshinder Robbie

Adani Group could find funding harder after US indictment as banks review credit

Nov 23 (Reuters) – Gautam Adani’s conglomerate could find it harder to get funding following a U.S. arrest warrant for its billionaire founder, with some banks considering halting fresh credit to the Indian group due to an alleged $265 million bribery scheme. Some global banks are considering temporarily halting fresh credit to the Adani Group after the U.S. indictment but maintaining existing loans, sources told Reuters. Ratings agency S&P warned in a statement that the group will need regular access to equity and debt markets given its large growth plans, but it might find fewer takers. “We believe domestic, as

Indian opposition parties deny any wrongdoing linked to Adani bribery allegations

NEW DELHI, Nov 22 (Reuters) – Opposition politicians from Indian states named in the U.S. indictment of billionaire Gautam Adani denied any wrongdoing on Friday, after Prime Minister Narendra Modi’s party said they had to answer for contracts signed while they were in power. U.S. authorities have charged Adani and seven others with agreeing to pay bribes to unnamed Indian government officials to obtain solar power-supply contracts in Odisha, Tamil Nadu, Chhattisgarh and Andhra Pradesh, as well as the federal territory of Jammu and Kashmir, between 2021 and 2022. The Adani Group has denied the allegations made by the U.S.

US bribery and fraud charges are a big test yet for India’s Adani, one of Asia’s richest men

NEW DELHI, November 22, 2024 (AP) — Indian billionaire Gautam Adani, one of Asia’s richest men, may be facing his biggest challenge yet with an indictment by U.S. prosecutors for alleged fraud and bribery. But it’s unclear just how the case will affect his businesses and own future — as well as the Indian economy and government. On Friday, shares in some of the Adani Group’s companies began ticking back up after they plunged a day earlier following the announcement of the charges in New York. The stock prices of six of his 10 listed companies rose slightly, between 1%

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