Mon Nov 25 17:10:50 UTC 2024: ## TotalEnergies Halts Adani Investments Following US Bribery Indictment
**PARIS, November 25, 2024** – French energy giant TotalEnergies announced it is suspending further financial contributions to its investments in Adani Group companies following a US indictment alleging bribery and corruption. The indictment, unsealed last week, charges eight individuals, including Gautam Adani and his nephew, with making improper payments to Indian officials to secure business advantages for Adani Green Energy.
TotalEnergies, which holds a 19.75% stake in Adani Green Energy – acquired in January 2021 after the company won a major solar contract – stated it was unaware of the ongoing US investigation. The alleged payments are said to have begun months after TotalEnergies’ investment. The company also holds significant stakes in other Adani Group ventures, including Adani Total Gas Limited and several renewable energy joint ventures, some established after FBI searches related to the case.
In response to the indictment, TotalEnergies said it will not make any new financial contributions to Adani Group companies until the accusations are resolved. The news caused a minor dip in TotalEnergies’ share price. The development highlights the potential fallout for international companies invested in Adani Group businesses following the serious allegations of corruption.
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