Sun Nov 24 23:54:38 UTC 2024: ## Adani Group CFO Denies Indictment of Core Companies Amidst US Bribery Allegations
**MUMBAI, INDIA** – Amidst a US indictment alleging a $265 million bribery scheme involving Adani Group Chairman Gautam Adani and others, the conglomerate’s Chief Financial Officer (CFO), Jugeshinder Robbie Singh, has firmly denied that any of the group’s 11 publicly listed companies are implicated.
US prosecutors in New York charged Adani, his nephew Sagar Adani, and six others on Wednesday with offering bribes to secure lucrative solar energy contracts. The Securities and Exchange Commission also filed charges related to the alleged scheme.
In a statement posted on X (formerly Twitter) Saturday, Singh stated that none of the Adani Group’s 11 public companies, nor their subsidiaries, are named as defendants in the legal proceedings. He acknowledged that the allegations relate to a single contract by Adani Green Energy, representing approximately 10% of the company’s overall business, and that the group was made aware of the specifics just two days prior. He further noted that a related disclosure was included in a February 2024 offering circular.
Following the indictment, Adani Green Energy cancelled a planned $600 million bond offering intended to repay foreign loans. The Adani Group previously issued a statement Thursday denying all allegations as “baseless.”
Singh indicated that the group will provide more detailed comments after consulting with legal counsel. The CFO’s statement contrasts sharply with the US indictment, highlighting the ongoing legal battle ahead.
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