A day after billionaire Gautam Adani was indicted in a major bribery case in the U.S., his conglomerate faced a series of setbacks and increased scrutiny both around the world and in India.
Read the full story on Forbes: https://www.forbes.com/sites/siladityaray/2024/11/22/billionaire-adanis-conglomerate-faces-scrutiny-and-setbacks-around-the-world-amid-us-indictment/
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Read the full story on Forbes: https://www.forbes.com/sites/siladityaray/2024/11/22/billionaire-adanis-conglomerate-faces-scrutiny-and-setbacks-around-the-world-amid-us-indictment/
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NewsTranscript
00:00A day after billionaire Gautam Adani was indicted in a major bribery case in the U.S., his conglomerate
00:06faced a series of setbacks and increased scrutiny both around the world and in India.
00:12In Sri Lanka, experts called for more scrutiny of Adani's $442 million wind power deal,
00:17which the country's new president, Anurag Kumar Adhisenayake, referred to as a corrupt
00:21deal during his campaign, and his government has promised to review.
00:25Earlier this week, Bangladesh's High Court ordered a high-level probe into the conglomerate's
00:30power supply deal to the country, as the Adani group threatened to cut off power supply to
00:34the country over $850 million in unpaid dues.
00:38The Securities Exchange Commission also filed a complaint against the billionaire and his
00:42executives, alleging they violated the anti-fraud provisions of federal securities laws.
00:47The regulator alleged Adani and the others raised $175 million from U.S. investors through
00:53false and misleading statements.
00:55In a statement, the Adani group said the allegations were baseless and denied.
00:59The DOJ on Wednesday charged Adani and other executives at his company, including Adani
01:04Green Energy's CEO, Vineet Jain, and the firm's executive director, Sagar Adani, with conspiracy
01:10to commit securities and wire fraud and substantive securities fraud.
01:14The charges stem from an alleged bribery scheme, where the accused sought to pay $250 million
01:19to Indian government officials to secure contracts worth billions of dollars.
01:24According to our estimates, Adani's current net worth is $56.8 billion, down from $69.8
01:30billion before the U.S. indictment was announced.
01:34For more on this story, check out Siladitya Ray's article in the link in the description.