Bangladesh is calling for a renegotiation or potential cancellation of its 25-year power purchase agreement with India’s Adani group, citing high electricity costs and contractual anomalies. This is according to a Reuters report.

The deal, signed in 2017, involves power supply from a $2 billion coal-fired plant in India’s Jharkhand state. 
 
The controversy surrounding Adani’s power deal escalated after the Bangladesh High Court ordered an investigation into the contract. 
 
According to Reuters, the investigation, expected to conclude by February, will examine potential irregularities, including allegations of corruption. 
 
Bangladesh's interim government has launched a parallel review of power agreements in the country. Meanwhile, the Adani group has refuted the U.S. bribery allegations. 
 
Adani Green Energy responded in an exchange filing that neither Gautam Adani, Sagar Adani, nor Vneet Jaain was named in the Department of Justice’s indictment, which is central to the ongoing controversy.

Gautam Adani also responded to the allegations. 
 
While addressing the 51st Gem &amp; Jewellery Awards, he said and I quote, ‘As most of you would have read less than 2 weeks back, we faced a set of allegations from the US about compliance practices at Adani Green Energy. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger and every obstacle becomes a stepping stone. Despite a lot of the vested reporting, no one from the Adani side has been charged with any violation of the FCPA or any conspiracy to obstruct justice. In today's world, negativity spreads faster than facts. As we work through the legal process, I want to reconfirm our absolute commitment to world-class regulatory compliance.’

(With inputs from Reuters)

Bangladesh is calling for a renegotiation or potential cancellation of its 25-year power purchase agreement with India’s Adani group, citing high electricity costs and contractual anomalies.

Bangladesh is calling for a renegotiation or potential cancellation of its 25-year power purchase agreement with India’s Adani group, citing high electricity costs and contractual anomalies. This is according to a Reuters report. The deal, signed in 2017, involves power supply from a $2 billion coal-fired plant in India’s Jharkhand state. The controversy surrounding Adani’s power deal escalated after the Bangladesh High Court ordered an investigation into the contract. According to Reuters, the investigation, expected to conclude by February, will examine potential irregularities, including allegations of corruption. Bangladesh's interim government has launched a parallel review of power agreements in the country. Meanwhile, the Adani group has refuted the U.S. bribery allegations. Adani Green Energy responded in an exchange filing that neither Gautam Adani, Sagar Adani, nor Vneet Jaain was named in the Department of Justice’s indictment, which is central to the ongoing controversy. Gautam Adani also responded to the allegations. While addressing the 51st Gem & Jewellery Awards, he said and I quote, ‘As most of you would have read less than 2 weeks back, we faced a set of allegations from the US about compliance practices at Adani Green Energy. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger and every obstacle becomes a stepping stone. Despite a lot of the vested reporting, no one from the Adani side has been charged with any violation of the FCPA or any conspiracy to obstruct justice. In today's world, negativity spreads faster than facts. As we work through the legal process, I want to reconfirm our absolute commitment to world-class regulatory compliance.’ (With inputs from Reuters)

Bangladesh reviews Adani contract as court awaits findings

Indian billionaire Gautam Adani has been indicted in the United States for bribery linked to a single contract involving Adani Green Energy, which accounts for approximately 10 per cent&nbsp;of the company’s business, according to the conglomerate’s Chief Financial Officer&nbsp;Jugeshinder Singh. No other firms within the Adani Group have been implicated, he added.

On Wednesday (Nov 20), Adani, one of the world’s wealthiest individuals, and seven others were charged by US prosecutors in connection with a $265 million scheme to bribe Indian officials for power-supply contracts. Adani has dismissed the allegations, describing them as “baseless.”

Defending the group’s position, Singh said on Saturday that none of Adani’s 11 publicly traded companies were involved in the case or accused of any wrongdoing. “The allegations in the US indictment relate to one contract of Adani Green, which constitutes roughly 10% of its overall business,” he explained on X, the platform formerly known as Twitter.

The charges are a significant challenge for the $143 billion Adani Group, which last year faced scrutiny following accusations by Hindenburg Research over alleged misuse of offshore tax havens—claims the group has denied.

The indictment has already taken a toll on the conglomerate. Shares of its companies have fallen sharply, some international banks are reportedly considering suspending new credit facilities for the group, and Kenya has cancelled two deals with Adani worth over $2.5 billion.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/adani-charges-to-weigh-further-on-global-funds-exit-from-stocks-778265">Adani charges to weigh further on global funds' exit from stocks</a>

American prosecutors have also accused Adani Green of misleading investors about its compliance with anti-bribery laws. According to the indictment, the company made false assurances regarding its corporate governance and transparency in a $750 million bond offering, which raised $175 million from US financial institutions.

Singh admitted that while the company had been aware of ongoing developments, it only learned the specific details of the charges two days ago. “We were aware that something was happening and disclosed this to investors during the bond offering,” he said.

The indictment also highlighted the alleged role of Sagar Adani, a director at Adani Green and a member of the Adani family, who is accused of managing records of bribes amounting to hundreds of millions of dollars via his mobile phone.

Singh stated that the group would provide further details once it receives legal clearance, as the matter is currently under judicial consideration.

(With inputs from agencies)

Indian billionaire Gautam Adani has been indicted in the United States for bribery linked to a single contract involving Adani Green Energy, which accounts for approximately 10 per cent of the company’s business, according to the conglomerate’s Chief Financial Officer Jugeshinder Singh.

Indian billionaire Gautam Adani has been indicted in the United States for bribery linked to a single contract involving Adani Green Energy, which accounts for approximately 10 per cent of the company’s business, according to the conglomerate’s Chief Financial Officer Jugeshinder Singh. No other firms within the Adani Group have been implicated, he added. On Wednesday (Nov 20), Adani, one of the world’s wealthiest individuals, and seven others were charged by US prosecutors in connection with a $265 million scheme to bribe Indian officials for power-supply contracts. Adani has dismissed the allegations, describing them as “baseless.” Defending the group’s position, Singh said on Saturday that none of Adani’s 11 publicly traded companies were involved in the case or accused of any wrongdoing. “The allegations in the US indictment relate to one contract of Adani Green, which constitutes roughly 10% of its overall business,” he explained on X, the platform formerly known as Twitter. The charges are a significant challenge for the $143 billion Adani Group, which last year faced scrutiny following accusations by Hindenburg Research over alleged misuse of offshore tax havens—claims the group has denied. The indictment has already taken a toll on the conglomerate. Shares of its companies have fallen sharply, some international banks are reportedly considering suspending new credit facilities for the group, and Kenya has cancelled two deals with Adani worth over $2.5 billion. Also read: Adani charges to weigh further on global funds' exit from stocks American prosecutors have also accused Adani Green of misleading investors about its compliance with anti-bribery laws. According to the indictment, the company made false assurances regarding its corporate governance and transparency in a $750 million bond offering, which raised $175 million from US financial institutions. Singh admitted that while the company had been aware of ongoing developments, it only learned the specific details of the charges two days ago. “We were aware that something was happening and disclosed this to investors during the bond offering,” he said. The indictment also highlighted the alleged role of Sagar Adani, a director at Adani Green and a member of the Adani family, who is accused of managing records of bribes amounting to hundreds of millions of dollars via his mobile phone. Singh stated that the group would provide further details once it receives legal clearance, as the matter is currently under judicial consideration. (With inputs from agencies)

Adani Green’s CFO downplays US bribery charges, says allegations linked to a single contract

Industrialist Gautam S Adani, his nephew Sagar S Adani and several executives of his firm Adani Green Energy have been charged in the US over a $250 million bribery scheme in India for getting renewable energy contracts that would have earned projected profits of more than $2 billion after tax.&nbsp;

The charges unveiled by the US justice department late Wednesday (Nov 21) alleged that several Adani officials engaged in bribing Indian officials in a multi-year scheme from 2020 to 2024. These bribes were hidden from US investors who were approached by the Adani group to raise billions of dollars, it alleged.

The charges are allegations and the defendants are presumed innocent unless and until proven guilty, the justice department said in a release. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;

The investigation is being carried out by FBI along with other financial crime agencies. 
 
Watch: Gautam Adani Charged By US Over Alleged $250 Million Bribe Plot

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gautam-adani-charged-by-us-over-alleged-250-million-bribe-plot-777890/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Gautam S Adani and the other business executives "allegedly bribed the Indian government to finance lucrative contracts designed to benefit their businesses" and "defrauded investors by raising capital on the basis of false statements about bribery and corruption...[and] allegedly attempted to conceal the bribery conspiracy by obstructing the government’s investigation," claimed FBI Assistant Director in Charge Dennehy. &nbsp;

The offences were for "massive state energy supply contracts through corruption and fraud at the expense of US investors."

"The Criminal Division will continue to aggressively prosecute corrupt, deceptive and obstructive conduct that violates US law, no matter where in the world it occurs,” the release&nbsp;quoted Deputy Assistant Attorney General Lisa H Miller as saying.

Here are the details and specific allegations against Adani and his executives,&nbsp;along with a response from Adani Green.

<h2>What did the US Justice Department say about Adani charges?</h2>

The justice department alleged that the Adani executives ran a scheme 'to pay hundreds of millions of dollars in bribes and conceal' the scheme from US investors.&nbsp;

The bribes, allegedly worth more than $250 million, were promised to Indian government officials to secure solar energy contracts, said the release issued by the US Attorney's Office in Eastern District of New York.

<h2>Who are the Adani-linked&nbsp;executives indicted by US justice department?</h2>

The US justice depatment named as defendants Gautam S Adani, aged 62; Sagar S Adani, 30; Vneet S Jain, 53; Ranjit Gupta, 54; Cyril Cabanes, 50; Saurabh Agarwal, 48; Deepak Malhotra, 45; and Rupesh Agarwal, 50.

<h2>What did the US justice department indictment say about Gautam Adani bribe scheme?</h2>

&gt; The five-count criminal indictment unsealed in a Brooklyn federal court charged the Adani executives with 'conspiracies to commit securities and wire fraud and substantive securities fraud' in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions based on false and misleading statements. &nbsp;

<a href="https://www.wionews.com/india-news/major-setback-for-adani-group-sebi-issues-notice-as-chairperson-buch-faces-scrutiny-770755">Also read: Major setback for Adani Group, SEBI issues notice as chairperson Buch faces scrutiny</a>

&gt; It specifically charged Ranjit Gupta, Rupesh Agarwal, Cyril Cabanes, Saurabh Agarwal and Deepak Malhotra with conspiracy to violate the Foreign Corrupt Practices Act.

They allegedly orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars.

&gt; Gautam S Adani, Sagar R Adani and Vneet S Jaain lied about the bribery scheme as they sought to raise capital from US and international investors, said United States Attorney Peace Breon Peace when announcing the charges.&nbsp;

<h2>What exactly is the Adani bribe scheme as alleged by US Justice&nbsp;Department?</h2>

&gt; The scheme was to pay more than $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice, stated Deputy Assistant Attorney General Miller. &nbsp;

&gt; Between 2020 and 2024, the executives allegedly bribed Indian government officials for contracts projected to generate $2 billion in profits after tax for 20 years. &nbsp;

&gt; "On several occasions, Gautam S. Adani personally met with an Indian government official to advance the bribery scheme, and the defendants held in-person meetings with each other to discuss aspects of its execution," the justice department alleged. &nbsp;

&gt; The executives 'frequently discussed their efforts on the bribery scheme' including through an electronic messaging application and 'extensively documented their corrupt efforts,' it claimed.

<a href="https://www.wionews.com/business-economy/hindenburg-vs-adani-sebi-chief-madhabis-link-needs-judicial-probe-ex-official-eas-sarma-tells-wion-749745">Also read: Hindenburg vs Adani: Sebi chief Madhabi's links need judicial probe, ex-official EAS Sarma tells WION</a>

&gt; Sagar R Adani, alleged the US department, 'used his cellular phone to track specific details of the bribes offered and promised to government officials'.

&gt; Vneet S Jaain used his cellular phone to photograph a document summarising various bribe amounts a US issuer owed the company for its respective portion of the bribes, alleged the justice department.

&gt; Rupesh Agarwal 'prepared and distributed to other defendants multiple analyses using PowerPoint and Excel', summarising various options for paying and concealing bribe payments, it claimed.

&gt; Gautam S Adani, Sagar R Adani and Vneet S Jaain 'conspired to misrepresent' Adani Green's anti-bribery and corruption practices and conceal the scheme from US investors and international financial institutions in order to obtain financing, it alleged.

&gt; Gautam S Adani, Sagar R Adani and Vneet S Jaain caused Adani Green Energy and some of its subsidiaries 'to raise capital on the basis of false and misleading statements in connection with two US dollar-denominated syndicate loans totalling more than $2 billion from investors and two bond offerings for more than $1 billion underwritten by international financial institutions, which were marketed and sold to investors in the US, claimed the US justice department.

&gt; Gautam S Adani, Sagar R Adani and Vneet S. Jaain caused Adani Green 'to make false statements in their consolidated financial statements and to the market and investors regarding the bribery scheme, it alleged.

&gt; Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra and Rupesh Agarwal 'conspired to obstruct the grand jury, FBI and US Securities and Exchange Commission (SEC) investigations into the bribery scheme, said the indictment. &nbsp;

&gt; They agreed to delete electronic materials related to the bribery scheme, including emails, electronic messages and 'bribery analyses.

&gt; They later withheld material information from an internal investigation by a US issuer company and 'falsely denied their participation' in the scheme to representatives of the FBI, DOJ and SEC at meetings in Brooklyn, New York. On this account, Cabanes, Agarwal, Malhotra and Rupesh Agarwal have been charged with conspiracy to obstruct justice.

<h2>How has Adani Green responded to charges?</h2>

In a statement, an Adani Group spokesperson said&nbsp;the allegations "are baseless and denied." 
 
As stated by the US Department of Justice itself, said the spokesperson, "the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty."

"All possible legal recourse will be sought," it added. 
 
Earlier, Adani Green said in a statement:&nbsp; "The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against our Board members, Gautam Adani and Sagar Adani. The United States Department of Justice have also included our Board member, Vneet Jaain, in such criminal indictment."

In light of these developments, it added, "our subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings."

&nbsp;

Industrialist Gautam S Adani, his nephew Sagar S Adani and several executives of his firm Adani Green Energy have been charged in the US over a $250 million bribery scheme in India for getting renewable energy contracts that would have earned projected profits of more than $2 billion after tax.

Industrialist Gautam S Adani, his nephew Sagar S Adani and several executives of his firm Adani Green Energy have been charged in the US over a $250 million bribery scheme in India for getting renewable energy contracts that would have earned projected profits of more than $2 billion after tax. The charges unveiled by the US justice department late Wednesday (Nov 21) alleged that several Adani officials engaged in bribing Indian officials in a multi-year scheme from 2020 to 2024. These bribes were hidden from US investors who were approached by the Adani group to raise billions of dollars, it alleged. The charges are allegations and the defendants are presumed innocent unless and until proven guilty, the justice department said in a release. The investigation is being carried out by FBI along with other financial crime agencies. Watch: Gautam Adani Charged By US Over Alleged $250 Million Bribe Plot × Gautam S Adani and the other business executives "allegedly bribed the Indian government to finance lucrative contracts designed to benefit their businesses" and "defrauded investors by raising capital on the basis of false statements about bribery and corruption...[and] allegedly attempted to conceal the bribery conspiracy by obstructing the government’s investigation," claimed FBI Assistant Director in Charge Dennehy. The offences were for "massive state energy supply contracts through corruption and fraud at the expense of US investors." "The Criminal Division will continue to aggressively prosecute corrupt, deceptive and obstructive conduct that violates US law, no matter where in the world it occurs,” the release quoted Deputy Assistant Attorney General Lisa H Miller as saying. Here are the details and specific allegations against Adani and his executives, along with a response from Adani Green. What did the US Justice Department say about Adani charges? The justice department alleged that the Adani executives ran a scheme 'to pay hundreds of millions of dollars in bribes and conceal' the scheme from US investors. The bribes, allegedly worth more than $250 million, were promised to Indian government officials to secure solar energy contracts, said the release issued by the US Attorney's Office in Eastern District of New York. Who are the Adani-linked executives indicted by US justice department? The US justice depatment named as defendants Gautam S Adani, aged 62; Sagar S Adani, 30; Vneet S Jain, 53; Ranjit Gupta, 54; Cyril Cabanes, 50; Saurabh Agarwal, 48; Deepak Malhotra, 45; and Rupesh Agarwal, 50. What did the US justice department indictment say about Gautam Adani bribe scheme? > The five-count criminal indictment unsealed in a Brooklyn federal court charged the Adani executives with 'conspiracies to commit securities and wire fraud and substantive securities fraud' in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions based on false and misleading statements. Also read: Major setback for Adani Group, SEBI issues notice as chairperson Buch faces scrutiny > It specifically charged Ranjit Gupta, Rupesh Agarwal, Cyril Cabanes, Saurabh Agarwal and Deepak Malhotra with conspiracy to violate the Foreign Corrupt Practices Act. They allegedly orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars. > Gautam S Adani, Sagar R Adani and Vneet S Jaain lied about the bribery scheme as they sought to raise capital from US and international investors, said United States Attorney Peace Breon Peace when announcing the charges. What exactly is the Adani bribe scheme as alleged by US Justice Department? > The scheme was to pay more than $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice, stated Deputy Assistant Attorney General Miller. > Between 2020 and 2024, the executives allegedly bribed Indian government officials for contracts projected to generate $2 billion in profits after tax for 20 years. > "On several occasions, Gautam S. Adani personally met with an Indian government official to advance the bribery scheme, and the defendants held in-person meetings with each other to discuss aspects of its execution," the justice department alleged. > The executives 'frequently discussed their efforts on the bribery scheme' including through an electronic messaging application and 'extensively documented their corrupt efforts,' it claimed. Also read: Hindenburg vs Adani: Sebi chief Madhabi's links need judicial probe, ex-official EAS Sarma tells WION > Sagar R Adani, alleged the US department, 'used his cellular phone to track specific details of the bribes offered and promised to government officials'. > Vneet S Jaain used his cellular phone to photograph a document summarising various bribe amounts a US issuer owed the company for its respective portion of the bribes, alleged the justice department. > Rupesh Agarwal 'prepared and distributed to other defendants multiple analyses using PowerPoint and Excel', summarising various options for paying and concealing bribe payments, it claimed. > Gautam S Adani, Sagar R Adani and Vneet S Jaain 'conspired to misrepresent' Adani Green's anti-bribery and corruption practices and conceal the scheme from US investors and international financial institutions in order to obtain financing, it alleged. > Gautam S Adani, Sagar R Adani and Vneet S Jaain caused Adani Green Energy and some of its subsidiaries 'to raise capital on the basis of false and misleading statements in connection with two US dollar-denominated syndicate loans totalling more than $2 billion from investors and two bond offerings for more than $1 billion underwritten by international financial institutions, which were marketed and sold to investors in the US, claimed the US justice department. > Gautam S Adani, Sagar R Adani and Vneet S. Jaain caused Adani Green 'to make false statements in their consolidated financial statements and to the market and investors regarding the bribery scheme, it alleged. > Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra and Rupesh Agarwal 'conspired to obstruct the grand jury, FBI and US Securities and Exchange Commission (SEC) investigations into the bribery scheme, said the indictment. > They agreed to delete electronic materials related to the bribery scheme, including emails, electronic messages and 'bribery analyses. > They later withheld material information from an internal investigation by a US issuer company and 'falsely denied their participation' in the scheme to representatives of the FBI, DOJ and SEC at meetings in Brooklyn, New York. On this account, Cabanes, Agarwal, Malhotra and Rupesh Agarwal have been charged with conspiracy to obstruct justice. How has Adani Green responded to charges? In a statement, an Adani Group spokesperson said the allegations "are baseless and denied." As stated by the US Department of Justice itself, said the spokesperson, "the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty." "All possible legal recourse will be sought," it added. Earlier, Adani Green said in a statement: "The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against our Board members, Gautam Adani and Sagar Adani. The United States Department of Justice have also included our Board member, Vneet Jaain, in such criminal indictment." In light of these developments, it added, "our subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings."

Gautam Adani indicted in US over multimillion dollar bribery: What are the charges? What you should know