Gautam Adani accused of $250M bribery

Business tycoon and the chairman of the Adani Group from India has been named in a $ 265 million bribery conspiracy in the US. The billionaire and seven co-accused, including his nephew Sagar Adani, are charged by U.S authorities with bribery of the Indian government officials in awarding them a solar power project whose worth is projected to reach $2 billion profit over twenty years.

Adani and others are also accused in the indictment of conspiracy and securities fraud, purportedly keeping their unethical behavior from creditors and customers. Adani Group hit by these charges saw their stocks drop by between 10% and 20%; thus erasing about $22 billion worth of its market capitalization.

Also, the prices of its existing bonds have considerably declined, and AGEL has abandoned the $600m bond issue plan. After the news got out, the number of shares for Adani’s main backer, the investment group GQG Partners, dropped by 20%.

Particular administrative requests for a response from Gautam Adani, again believed to reside in India, have not been returned. As for him and Sagar Adani there are arrest warrant from the US authorities which they plan to submit for the international police.