NEW DELHI, May 15 — Indian billionaire industrialist Gautam Adani has agreed to pay a multi-million-dollar settlement in a US civil court case linked to corruption without...
Indian billionaire Gautam Adani attends the 51st Gems and Jewellery Awards in Jaipur, India on November 30, 2024. — Reuters pic! Plus, enjoy an additional FREE RM10 when you sign up using code VERSAMM10 with a min. cash-in of RM100 today.
T&Cs apply. NEW DELHI, May 15 — Indian billionaire industrialist Gautam Adani has agreed to pay a multi-million-dollar settlement in a US civil court case linked to corruption without admitting guilt, his company said Friday. The November 2024 indictment in New York accused the industrialist and multiple subordinates of deliberately misleading international investors as part of a vast bribery scheme.
Adani was accused of having participated in an estimated US$250 million scheme to bribe Indian officials for lucrative solar energy supply contracts. Adani, along with his nephew Sagar Adani, agreed to the “payment of a civil penalty” totalling US$18 million, while noting that it came “without admitting or denying the allegations made in the civil complaint”, a letter from Adani Green Energy to the Mumbai stock exchange read.
The penalty payment comes as US prosecutors are reported to be set to drop charges against Adani, The New York Times reported on Thursday. The Adani letter, which noted that the final judgement of the US court is still awaited, stressed that the “company is not a party to this proceeding, and no charges have been brought against it”.
The New York Times said the move to abandon the charges, brought under US president Joe Biden’s administration, came after Adani hired a new legal team led by Robert Giuffra, one of President Donald Trump’s personal lawyers. With a business empire spanning coal, airports, cement and media, the chairman of Adani Group has been rocked in recent years by corporate fraud allegations and a stock crash.
Adani, a close ally of Indian Prime Minister Narendra Modi, was born in Ahmedabad in Gujarat state to a middle-class family but dropped out of school at 16. After a short stint in his brother’s plastics business, he launched the flagship family conglomerate that bears his name in 1988 by branching out into the export trade. His big break came seven years later with a contract to build and operate a commercial shipping port in Gujarat. — AFP
Adani Group New York Court Case Adani Green Energy Robert Giuffra Indian Solar Contracts
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
France World Cup Squad Revealed: Deschamps Names New Talents and Drops StarsDidier Deschamps has announced the 26-man France squad for the World Cup, featuring surprise call-ups for Robin Risser and Crystal Palace stars, while omitting Eduardo Camavinga.
Read more »
European and US stock markets climb, with new all-time highs for S&P 500 and NasdaqEuropean and US stock markets climbed Thursday, with Wall Street indices notching fresh records as a tech-fuelled rally rolled on while Chinese leader Xi Jinping welcomed US President Donald Trump in Beijing. Cisco Systems surged 13.4% after lifting its earnings report, while semiconductor startup Cerebras piled on 68.2% in its debut session on the Nasdaq. The sentiment remains predominantly bullish, said Briefing.com analyst Patrick O'Hare.
Read more »
US to drop graft charges against Indian magnate Gautam AdaniThe Indian industrialist was accused of paying hundreds of millions of dollars in bribes and hiding the payments.
Read more »
US set to drop criminal fraud case against India’s Gautam Adani, sources say, as deal reached in civil caseSEOUL, May 15 (Reuters) - Samsung Electronics' South Korean labour union said on Friday it remained committed to a planned strike starting next week, even after the company proposed resuming pay talks without conditions, sending shares down as much as 9.3%.
Read more »