Adani team unveils huge market value collapse after US fraud charges
Adani team unveils huge market value collapse after US fraud charges . (MENAFN) Indian conglomerate Adani Group has reported a nearly $55 billion decline in market value following the announcement of charges against its executives, including chairman Gautam Adani, one ...
América - MenaFN
(MENAFN) Indian conglomerate Adani Group has reported a nearly $55 billion decline in value following the announcement of charges against its executives, including chairman Gautam Adani, one of the world's wealthiest individuals. The charges, filed on November 20 in New York, accuse Gautam Adani and other top managers of the group of misleading international investors in relation to a $265 million bribery scheme. The indictment claims the group orchestrated bribes to Indian government officials. Adani Group has vehemently denied the allegations, calling them “baseless.”



In response, the company stated that the Department of Justice's (DOJ) indictment lacks any direct evidence that executives paid bribes to government officials, noting that the accusations only involve promises or discussions about bribes, with no confirmed payments. The legal issues and negative press have had a significant financial and reputational impact on the group, leading to the cancellation of international projects and a market capitalization loss of nearly $55 billion across its 11 publicly listed companies.



Adani Green Energy Ltd, the company at the heart of the allegations, clarified in a stock exchange filing that neither Gautam Adani, his nephew Sagar Adani, nor the company's managing director Vneet Jaain have been charged with violating the US Foreign Corrupt Practices Act (FCPA). The charges against them relate to alleged securities fraud, wire fraud, and conspiracy to commit fraud, all of which could result in financial penalties.



MENAFN30112024000045015687ID1108941634
Jordania
Menafn_News_Images/Local_Economy_109.jpg
https://menafn.com/1108941634/Adani-team-unveils-huge-market-value-collapse-after-US-fraud-charges
2024-11-30
rss
(MENAFN) Indian conglomerate Adani Group has reported a nearly $55 billion decline in market value following the announcement of charges against its executives, including chairman Gautam Adani, one ...
Adani team unveils huge market value collapse after US fraud charges