Thu Nov 28 12:19:44 UTC 2024: ## Abu Dhabi Conglomerate Stands by Adani Investments Despite US Indictment
**MUMBAI, INDIA –** International Holding Co (IHC), an Abu Dhabi-based conglomerate, has reaffirmed its confidence in the Adani Group following a US indictment against Gautam Adani and others. The indictment alleges a $265 million bribery scheme to secure Indian power supply contracts. While acknowledging the charges, IHC stated on Wednesday that its investment outlook remains unchanged, citing its belief in the Adani Group’s contributions to green energy and sustainability.
The statement comes after US authorities accused Adani, his nephew Sagar Adani, and Vneet S. Jaain, managing director of Adani Green, of bribery. Adani Green, specifically named in the indictment, clarified that while Mr. Adani faces potential fines for alleged securities law violations, no charges have been filed under the US Foreign Corrupt Practices Act. The SEC’s civil action seeks unspecified monetary penalties.
IHC increased its stake in Adani Enterprises to over 5% last October, following a previous investment decrease. This investment followed allegations of stock manipulation and high debt levels by short-seller Hindenburg Research, allegations the Adani Group denied. IHC and an Adani subsidiary also formed a technology joint venture last year. The Adani Group has denied all bribery allegations and vowed legal action.
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