Indictment in New York court accuses industrialist, subordinates of misleading investors as part of a vast bribery scheme
\n new delhi
\nIndian billionaire industrialist Gautam Adani has agreed to pay a multimillion-dollar settlement in a US civil court case linked to corruption without admitting guilt, his company said Friday.
\nThe November 2024 indictment in New York accused the industrialist and multiple subordinates of deliberately misleading international investors as part of a vast bribery scheme.
\nAdani was accused of having participated in an estimated $250 million scheme to bribe Indian officials for lucrative solar energy supply contracts.
\nAdani, along with his nephew Sagar Adani, agreed to the \u201cpayment of a civil penalty\u201d totalling $18 million, while noting that it came \u201cwithout admitting or denying the allegations made in the civil complaint\u201d, a letter from Adani Green Energy to the Mumbai stock exchange read.
\nThe penalty payment comes as US prosecutors are reported to be set to drop charges against Adani, The New York Times reported on Thursday.
\nThe Adani letter, which noted that the final judgement of the US court is still awaited, stressed that the \u201ccompany is not a party to this proceeding, and no charges have been brought against it\u201d.
\nThe New York Times said the move to abandon the charges, brought under President Joe Biden\u2019s administration, came after Adani hired a new legal team led by Robert Giuffra, one of President Donald Trump\u2019s personal lawyers.
\nWith a business empire spanning coal, airports, cement, and media, the chairman of Adani Group has been rocked in recent years by corporate fraud allegations and a stock crash.
\nAdani, a close ally of Indian Prime Minister Narendra Modi, was born in Ahmedabad in Gujarat state to a middle-class family but dropped out of school at 16.
\nHe moved to India\u2019s financial capital, Mumbai, to find work in the city\u2019s lucrative gem trade.
\nAfter a short stint in his brother\u2019s plastics business, he launched the flagship family conglomerate that bears his name in 1988 by branching out into the export trade.
\nHis big break came seven years later with a contract to build and operate a commercial shipping port in Gujarat.<\/p>\n","protected":false},"excerpt":{"rendered":"
Indictment in New York court accuses industrialist, subordinates of misleading investors as part of a vast bribery scheme new delhi Indian billionaire industrialist Gautam Adani has agreed to pay a multimillion-dollar settlement in a US civil court case linked to corruption without admitting guilt, his company said Friday. The November 2024 indictment in New York […]<\/p>\n","protected":false},"author":2,"featured_media":546736,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-546719","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world"},"yoast_head":"\n