The Adani Group has strenuously denied recent allegations made by the United States Securities and Exchange Commission (SEC) and the United States Department of Justice, after suspicions of fraud and bribery against several key members of the company. In a statement, the group called the charges "baseless and denied."
A spokeswoman for the group emphasized that the charges were only allegations, citing the US Department of Justice's recognition that "the defendants are presumed innocent unless and until proven guilty."
The group further stated that "all possible legal recourse will be sought."
"The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations," a spokeswoman told. "We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws."
The US SEC has charged Adani in a $265 million bribery scheme.
The SEC indictment charges Gautam Adani and six other defendants with arranging to pay about $265 million in bribes to Indian government officials in exchange for getting contracts for Adani Green Energy, the group's renewable energy branch.
The kickbacks were allegedly part of a conspiracy to influence Adani Green Energy's September 2021 bond sale, which garnered $750 million, with $175 million coming from US investors.
The SEC's complaint further claims that materials distributed to US investors during this offering misrepresented Adani Green Energy's anti-corruption procedures, deceiving investors and misrepresenting the purpose of the transaction.
The matter has garnered substantial global attention, causing shares of Adani Group firms to fall by up to 20% when markets opened on Thursday.
