The Adani group faces growing global scrutiny over its energy projects, with investigations underway in multiple countries.

In Bangladesh, a review committee formed by the interim government has recommended a full investigation into major power agreements signed during the regime of former prime minister Sheikh Hasina.

“The National Review committee on ministry of power, energy and mineral resources has recommended the appointment of a reputed legal and investigation agency to review the major power production agreements signed during the autocratic regime of sheikh hasina from 2009 to 2024,” <a href="https://x.com/ChiefAdviserGoB/status/1860583536694296666?t=Soxj3Um0SzcnJiedV4LrKg&amp;s=19">read a statement.&nbsp;</a>

Among these agreements is the $2 billion Godda thermal power plant deal with the Adani group, part of a broader network of energy projects under review.

The committee has gathered evidence suggesting that several of these contracts could be reconsidered or scrapped due to legal and procedural irregularities.

The committee has called for the appointment of international legal and investigative agencies to assist in this review.

This investigation follows a broader pattern of allegations of corruption tied to the Adani group, which is also under investigation for alleged bribery in the United States.

The US Securities and Exchange Commission is investigating the Adani group over allegations of bribery to secure solar contracts in India, which has led to a downgrade of the credit outlook for several Adani companies.

Along with Bangladesh, Sri Lanka is also examining Adani’s involvement in the energy sector.

According to The Morning, the company’s wind power projects in Mannar and Pooneryn, valued at $500 million, have raised concerns over a lack of competitive bidding and inflated pricing.

The wind energy contracts, awarded without a competitive process, have faced backlash over a revised tariff rate, which is higher than the initial recommendation.

This has sparked concerns about the financial implications for Sri Lanka, which is already grappling with an economic crisis.

The Sri Lankan cabinet is now set to review the financial and environmental feasibility of these projects, and activists are calling for greater transparency.

These concerns have only intensified as the global investigation into Adani’s practices casts a long shadow over its international operations.

Similarly, in Kenya, the Adani group’s energy contracts were cancelled recently.

These developments add to growing international scrutiny of the Adani group’s business practices, particularly in emerging economies.

(With inputs from agencies)

The Adani group faces growing global scrutiny over its energy projects, with investigations underway in multiple countries. In Bangladesh, a review committee formed by the interim government has recommended a full investigation into major power agreements signed during the regime of former prime minister Sheikh Hasina.

The Adani group faces growing global scrutiny over its energy projects, with investigations underway in multiple countries. In Bangladesh, a review committee formed by the interim government has recommended a full investigation into major power agreements signed during the regime of former prime minister Sheikh Hasina. “The National Review committee on ministry of power, energy and mineral resources has recommended the appointment of a reputed legal and investigation agency to review the major power production agreements signed during the autocratic regime of sheikh hasina from 2009 to 2024,” read a statement. Among these agreements is the $2 billion Godda thermal power plant deal with the Adani group, part of a broader network of energy projects under review. The committee has gathered evidence suggesting that several of these contracts could be reconsidered or scrapped due to legal and procedural irregularities. The committee has called for the appointment of international legal and investigative agencies to assist in this review. This investigation follows a broader pattern of allegations of corruption tied to the Adani group, which is also under investigation for alleged bribery in the United States. The US Securities and Exchange Commission is investigating the Adani group over allegations of bribery to secure solar contracts in India, which has led to a downgrade of the credit outlook for several Adani companies. Along with Bangladesh, Sri Lanka is also examining Adani’s involvement in the energy sector. According to The Morning, the company’s wind power projects in Mannar and Pooneryn, valued at $500 million, have raised concerns over a lack of competitive bidding and inflated pricing. The wind energy contracts, awarded without a competitive process, have faced backlash over a revised tariff rate, which is higher than the initial recommendation. This has sparked concerns about the financial implications for Sri Lanka, which is already grappling with an economic crisis. The Sri Lankan cabinet is now set to review the financial and environmental feasibility of these projects, and activists are calling for greater transparency. These concerns have only intensified as the global investigation into Adani’s practices casts a long shadow over its international operations. Similarly, in Kenya, the Adani group’s energy contracts were cancelled recently. These developments add to growing international scrutiny of the Adani group’s business practices, particularly in emerging economies. (With inputs from agencies)

Adani group's energy contracts under review amid corruption allegations

Gautam Adani, his nephew Sagar Adani, and several executives of Indian firms Adani Green Energy and Azure Power have been charged in the US over an alleged bribery scheme.

They allegedly bribed, or promised bribes to, officials in India for lucrative renewable energy contracts.

But if the indictment charges are related to their alleged actions within India, why are they charged in the US? Or more specifically, can they be indicted in the US?

<a href="https://www.wionews.com/business-economy/adani-bribery-case-allegations-made-by-us-prosecutors-are-baseless-denied-adani-group-777976">Also read: Adani bribery case | Allegations made by US prosecutors are baseless, denied: Adani Group</a> 
&nbsp;

In the interconnected world of global business, an action a company take in its home base country can expose it to US scrutiny and punitive actions as long as American markets, investors and other stakeholders&nbsp;are impacted or involved. Action can apply if the company or its subsidiaries trade in US stock exchanges, has US operations even if board members and executives&nbsp;are based in foreign countries, or raise funds through venture capital, bonds or loans.

Broadly speaking, anything that violates US securities laws, and its Foreign Corrupt Practices Act (FCPA) is fair game even if the companies and people involved are not US residents or citizens.

WATCH: Indian Billionaire Gautam Adani Charged By US Over Alleged $250 Million Bribe Plot 
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In Adani's case, there are several causes that make the US law extend its arms to something that appears prima facie not within its jurisdiction.

One is the alleged obstruction of justice in the US. Two, the alleged lying to US officials. Three, the accused having served in some capacity in companies trading in the US stock markets. And four, the company raised capital - through investments or bond issues- in the American markets on schemes that are allegedly tainted by corruption.&nbsp;

All these have been alleged, though not proven.&nbsp;

A broad picture emerges in the nature of charges from the parallel probe opened by the Securities and Exchange Commission, the US market regulator.

In order to understand that probe, it's important you know about Azure Power. The solar power company, founded in New Delhi, had raised investment capital in the US in the past years and trades on the New York Stock Exchange.&nbsp;

The SEC said in a release that Adani Green’s note offering had raised $175 million from US investors even as the alleged bribery scheme was ongoing.

A note offering is a sale of a variety of debt securities, wherein companies raise investments through loans or corporate bonds.

<h2>What the SEC chargesheet says about Adani Green and Azure power officials</h2>

SEC, in a release, said it charged Gautam Adani and Sagar Adani as well as Cyril Cabanes, an executive of Azure Power Global Ltd., for conduct arising out of the bribery scheme.&nbsp;

It claimed the scheme was orchestrated to enable the two renewable energy companies 'to capitalise on a multi-billion-dollar solar energy project awarded to the companies by the Indian government.'&nbsp;

Even as the bribes were being paid, Adani Green raised more than $175 million from US investors.&nbsp;Azure Power’s stock was trading on the New York Stock Exchange too.&nbsp;This is how it becomes an issue that the US can prosecute.

<a href="https://www.wionews.com/business-economy/gautam-adani-indicted-in-us-over-multimillion-dollar-bribery-what-are-the-charges-what-you-should-know-777917">Also read: Gautam Adani indicted in US over multimillion dollar bribery: What are the charges? What you should know</a> 
&nbsp;

The SEC said it has taken two actions against Adani and Azure.

In one, it charged Gautam Adani, who serves as chairman of Adani Green’s Board of Directors, and his nephew, Sagar Adani, who is the executive director of Adani Green’s board, "for orchestrating the bribery scheme."

That scheme was for paying or promising hundreds of millions of dollars in bribes to the Indian officials "to secure their commitment to purchase energy at above-market rates that would benefit Adani Green and Azure Power".&nbsp;

The SEC alleged that Gautam and Sagar "induced" US investors to buy Adani Green bonds while misrepresenting its compliance on corruption and bribery.

In the documentation related to the note offering, Adani Green made statements about its anti-bribery and anti-corruption efforts. This, the SEC alleged, were "materially false or misleading in light of Gautam and Sagar Adani’s conduct."

The second action involves Cyril Cabanes, a former member of Azure Power’s Board of Directors.

Cabanes has been charged with violating FCPA for his role in the alleged bribery scheme.&nbsp;

SEC charges are seeking a permanent injunction on Cabanes, a civil penalty, and an officer and director bar.&nbsp;

Cabanes allegedly facilitated the authorisation of bribes in furtherance of the scheme while in the United States and abroad.

"Cyril Cabanes participated in the underlying bribery scheme while serving as director of a US public company,” said Sanjay Wadhwa, Acting Director of the SEC’s Division of Enforcement, as quoted by SEC.

“We will continue to vigorously pursue and hold individuals, including senior corporate officers and directors, accountable when they violate our securities laws,” Wadwa added.

The SEC is seeking civil penalties and permanent injunctions on the accused, as well as barring them from holding official and director positions in companies with business in America.

The SEC action is separate from, yet related to, the broader criminal charges filed by the US Justice Department against Gautam Adani, Sagar Adani, Cyril Cabanes and some other executives linked to the Adani group and Azure power.

For its part, the Adani group called the allegations made in the US "baseless and denied." It noted that the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty, while adding&nbsp;"all possible legal recourse will be sought."

Gautam Adani, his nephew Sagar Adani, and several executives of Indian firms Adani Green Energy and Azure Power have been charged in the US over an alleged bribery scheme.

Gautam Adani, his nephew Sagar Adani, and several executives of Indian firms Adani Green Energy and Azure Power have been charged in the US over an alleged bribery scheme. They allegedly bribed, or promised bribes to, officials in India for lucrative renewable energy contracts. But if the indictment charges are related to their alleged actions within India, why are they charged in the US? Or more specifically, can they be indicted in the US? Also read: Adani bribery case | Allegations made by US prosecutors are baseless, denied: Adani Group In the interconnected world of global business, an action a company take in its home base country can expose it to US scrutiny and punitive actions as long as American markets, investors and other stakeholders are impacted or involved. Action can apply if the company or its subsidiaries trade in US stock exchanges, has US operations even if board members and executives are based in foreign countries, or raise funds through venture capital, bonds or loans. Broadly speaking, anything that violates US securities laws, and its Foreign Corrupt Practices Act (FCPA) is fair game even if the companies and people involved are not US residents or citizens. WATCH: Indian Billionaire Gautam Adani Charged By US Over Alleged $250 Million Bribe Plot × In Adani's case, there are several causes that make the US law extend its arms to something that appears prima facie not within its jurisdiction. One is the alleged obstruction of justice in the US. Two, the alleged lying to US officials. Three, the accused having served in some capacity in companies trading in the US stock markets. And four, the company raised capital - through investments or bond issues- in the American markets on schemes that are allegedly tainted by corruption. All these have been alleged, though not proven. A broad picture emerges in the nature of charges from the parallel probe opened by the Securities and Exchange Commission, the US market regulator. In order to understand that probe, it's important you know about Azure Power. The solar power company, founded in New Delhi, had raised investment capital in the US in the past years and trades on the New York Stock Exchange. The SEC said in a release that Adani Green’s note offering had raised $175 million from US investors even as the alleged bribery scheme was ongoing. A note offering is a sale of a variety of debt securities, wherein companies raise investments through loans or corporate bonds. What the SEC chargesheet says about Adani Green and Azure power officials SEC, in a release, said it charged Gautam Adani and Sagar Adani as well as Cyril Cabanes, an executive of Azure Power Global Ltd., for conduct arising out of the bribery scheme. It claimed the scheme was orchestrated to enable the two renewable energy companies 'to capitalise on a multi-billion-dollar solar energy project awarded to the companies by the Indian government.' Even as the bribes were being paid, Adani Green raised more than $175 million from US investors. Azure Power’s stock was trading on the New York Stock Exchange too. This is how it becomes an issue that the US can prosecute. Also read: Gautam Adani indicted in US over multimillion dollar bribery: What are the charges? What you should know The SEC said it has taken two actions against Adani and Azure. In one, it charged Gautam Adani, who serves as chairman of Adani Green’s Board of Directors, and his nephew, Sagar Adani, who is the executive director of Adani Green’s board, "for orchestrating the bribery scheme." That scheme was for paying or promising hundreds of millions of dollars in bribes to the Indian officials "to secure their commitment to purchase energy at above-market rates that would benefit Adani Green and Azure Power". The SEC alleged that Gautam and Sagar "induced" US investors to buy Adani Green bonds while misrepresenting its compliance on corruption and bribery. In the documentation related to the note offering, Adani Green made statements about its anti-bribery and anti-corruption efforts. This, the SEC alleged, were "materially false or misleading in light of Gautam and Sagar Adani’s conduct." The second action involves Cyril Cabanes, a former member of Azure Power’s Board of Directors. Cabanes has been charged with violating FCPA for his role in the alleged bribery scheme. SEC charges are seeking a permanent injunction on Cabanes, a civil penalty, and an officer and director bar. Cabanes allegedly facilitated the authorisation of bribes in furtherance of the scheme while in the United States and abroad. "Cyril Cabanes participated in the underlying bribery scheme while serving as director of a US public company,” said Sanjay Wadhwa, Acting Director of the SEC’s Division of Enforcement, as quoted by SEC. “We will continue to vigorously pursue and hold individuals, including senior corporate officers and directors, accountable when they violate our securities laws,” Wadwa added. The SEC is seeking civil penalties and permanent injunctions on the accused, as well as barring them from holding official and director positions in companies with business in America. The SEC action is separate from, yet related to, the broader criminal charges filed by the US Justice Department against Gautam Adani, Sagar Adani, Cyril Cabanes and some other executives linked to the Adani group and Azure power. For its part, the Adani group called the allegations made in the US "baseless and denied." It noted that the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty, while adding "all possible legal recourse will be sought."

If Adani is accused of bribes in India, why is he being charged in US? What SEC parallel probe says

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Adani group's energy contracts under review amid corruption allegations

If Adani is accused of bribes in India, why is he being charged in US? What SEC parallel probe says