Adani Group CFO Jugeshinder Singh Responds To Bribery Allegations — Here Is What He Said

Adani CFO clarified that recent US report involves only a single contract under Adani Green (10% of its business). None of the group's 11 listed companies are accused of wrongdoing or implicated.

In an official statement on Thursday, Adani Group denied the charges

Source : Adani Group

The Adani Group’s Chief Financial Officer (CFO), Jugeshinder Singh, said on Saturday the recent US government report concerns only a single contract under Adani Green Energy, which accounts for roughly 10 per cent of the subsidiary's total business. The conglomerate emphasised that none of its 11 publicly listed companies are implicated or accused of any wrongdoing.

In a statement posted on X (formerly Twitter), Singh said: “You would have seen a lot of news in the last 2 days re @AdaniOnline matters. This specifically relates to one contract of #adanigreen which is roughly 10 per cent of overall business of Adani Green(there is a lot more precise & comprehensive detail of this which we will elaborate in an appropriate forum).”

He added: “We became aware of the "specificity" of this 2 days ago. We were aware that something is afoot (and in Feb 2024 144a offering circular in Risk Factors we disclosed as such. This was first public issuance, of any of our portfolio companies or their subsidiaries or JV companies after our annual results of 31st March 2023). @AdaniOnline has a portfolio of 11 public companies and none are subject to indictment (ie defendants in any legal proceedings in the recent #DOJ lawyer filings to a court in NYC). None of the issuers (ie companies in our portfolio or specific issuers that are subsidiaries of the public companies) are accused of any wrong doing in the said legal filing.”

Singh said several news reports were trying to "pick unrelated items and create a headline". "My humble request is that we will respond in fullness of time once we review in detail the matter as presented in the legal filing (Please note that no court has ruled on this and as outlined by lawyers of #DOJ these are "allegations and accused have presumption of innocence"). We will make a more detailed comment once we get counsel approvals to discuss what we can in public on matter that is sub-judice,” he said.

Earlier, Adani Group denied the charges in an official statement issued on Thursday after the allegations came to light. “The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied,” it said.

Charges filed in a Brooklyn court allege that Gautam Adani and other executives, including Sagar R. Adani and Vneet S. Jaain orchestrated a $250 million (Rs 2,100 crore) bribery scheme to secure solar energy contracts in India. The indictment accuses the defendants of misleading US investors and violating federal laws.