Key points
- Gautam Adani, his nephew were indicted in November last year
- They are accused of paying bribes to secure Indian power supply contracts
- They also reportedly misled US investors during fund raises there
ISLAMABAD: Representatives for Indian billionaire Gautam Adani and his companies met officials from US President Donald Trump’s administration to seek dismissal of the criminal charges against him in an overseas bribery probe, Bloomberg News reported on Sunday, citing people familiar with the matter.
The talks, which began earlier this year, gained momentum in recent weeks and could yield a resolution in the coming month or so, if the pace persists, according to the report.
Adani and his nephew, Sagar Adani, were indicted in November last year for allegedly paying bribes to secure Indian power supply contracts and misleading US investors during fund raises there.
Anti-bribery compliance
The SEC summoned Adani and his nephew, alleging they paid millions in bribes to Indian officials while misrepresenting antibribery compliance during a $750 million Adani Green Energy bond offering, according to Reuters.
The Adani Group denied the allegations and called the indictment a “baseless move”. The group said it has “steadfastly maintained the highest possible standards of governance and transparency” and would seek “all possible legal recourse”.
Trump’s priorities
Bloomberg News reported that Adani’s representatives are trying to make the case that his prosecution does not align with Trump’s priorities and should be reconsidered.
Adani Group companies lost about $28bn in market value following the indictment as shares in the group’s listed firms fell by between 10 and 20 per cent on Indian stock exchanges, according to Al Jazeera.
Adani Green Energy also cancelled a $600m bond sale.
