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mb-4"><h1 data-testid="article-title" class="mb-2 font-lct text-4xl font-bold !leading-[1.3] tracking-[-0.045rem] text-gray-850 md:px-6 md:text-10xl">Adani CFO says US charges linked to only one business contract</h1><div class="mb-6 md:px-6 min-h-[50px] text-gray-850 mt-4 space-y-4 md:flex md:flex-wrap md:space-y-0" data-testid="article-authors-list-component"><div class="flex items-center"><img class="flex-shrink-0 rounded-full" src="/assets-web2/default-BSkyYMCQ.png" width="50" height="50"/><div class="flex flex-col flex-wrap pl-2"><div class="font-public-sans text-xs font-normal leading-6 text-gray-650"><span data-testid="article-published-time">Published <!-- -->Sat, Nov 23, 2024 · 12:49 PM</span><span data-testid="article-updated-time"> — Updated Sat, Nov 23, 2024 · 02:21 PM</span></div></div></div></div><div class="mb-3 flex items-center justify-between border-b border-t border-gray-250 py-3 md:mx-6 md:mb-6 md:py-4"><div data-testid="article-keyword-filter-first" 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class="splide__list"><li class="splide__slide"><div><div class="py-2 px-3 font-poppins text-xs text-gray-850 md:px-8">Indian tycoon Gautam Adani was indicted for fraud by US prosecutors earlier on Nov 20. PHOTO: BLOOMBERG</div></div></li></ul></div></div></div><div class="body-content tracking-tighter mb-6 mt-4 font-lucida text-lg font-medium leading-normal tracking-[-0.05625rem] text-gray-850 antialiased md:px-8 md:text-xl" data-testid="article-paragraphs-component"><div class="relative mb-4 md:mb-6"><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">A US bribery indictment of Indian billionaire Gautam Adani is linked to one contract of Adani Green Energy comprising some 10 per cent of its business, and none of the conglomerate’s other companies are accused of wrongdoing, the group’s chief financial officer said on Saturday (Nov 23).</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">On Wednesday, Gautam Adani, one of the world’s richest men, and seven others were indicted for fraud by US prosecutors over their alleged roles in a US$265 million scheme to bribe Indian officials to secure power-supply deals.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Adani Group has denied the allegations calling them “baseless”.</p><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-imu1" class="adunit-component"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Group CFO Jugeshinder Singh sought to defend the allegations on Saturday saying none of Adani’s 11 public companies “are subject to indictment” or “are accused of any wrongdoing in the said legal filing”.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The allegations in the US indictment relates to “one contract of Adani Green which is roughly 10 per cent of overall business of Adani Green”, Singh said on X. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The US prosecutor charges are the biggest setback for India’s US$143 billion Adani Group, which was last year hit by Hindenburg Research’s allegations of improper use of offshore tax havens - claims the company denied.</p><div class="py-10 md:-mx-8"><div class="mb-6 border border-gray-175 p-6 md:p-8"><div class="" data-component="generic-newsletter"><h5 class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold uppercase leading-normal tracking-5% text-gray-850 md:text-lg">BT in your inbox</h5><div class="flex py-3 md:px-10 md:py-6"><img alt="Newsletter Img" class="hidden h-auto max-w-full self-start min-[321px]:block" width="75" height="75" src="/assets-web2/generic_newsletter-CGny2zps.png"/><div class="min-[321px]:pl-4 md:pl-6"><p role="description" class="mb-3 font-public-sans text-base font-light tracking-normal text-gray-850 md:text-lg">Start and end each day with the latest news stories and analyses delivered straight to your inbox.</p><div class="relative hidden w-full md:block md:w-4/5 lg:w-7/10 xl:w-6/10"><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="" id="react-aria-:R5l5moodcscu5:">Sign Up</button></div></div></div></div><div class="relative block w-full md:hidden "><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="" id="react-aria-:Rblmoodcscu5:">Sign Up</button></div></div></div></div></div><div class="w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-midarticlespecial" class="adunit-component my-8 md:my-12"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The US indictment has already had a significant impact on the business. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The group entity’s shares have plummeted, some global banks are considering temporarily halting fresh credit to Adani and Kenya has cancelled two deals with Adani worth more than US$2.5 billion. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Adani, which has several other global projects, is also charged with misleading US investors about Adani Green’s compliance with anti-bribery principles and laws. Singh said on Saturday, they became aware of the “specificity” of the US charges only two days ago.</p><div class="mb-6 mt-8 border border-gray-175 p-6 md:-mx-8 md:mt-0 md:p-8" data-testid="article-read-more"><div><div class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold leading-normal tracking-5% text-gray-850 md:text-lg">SEE ALSO</div><div data-testid="section-article-read-more"><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5389520" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/esg/adani-shock-exposes-esg-fund-managers-clinging-terrible-bet" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/bdd6c61521a8bc9e550777ef7ddbdb765e2b4adc5c02c22bd51423c958708369?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/bdd6c61521a8bc9e550777ef7ddbdb765e2b4adc5c02c22bd51423c958708369?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/bdd6c61521a8bc9e550777ef7ddbdb765e2b4adc5c02c22bd51423c958708369?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/bdd6c61521a8bc9e550777ef7ddbdb765e2b4adc5c02c22bd51423c958708369?q=20&w=3&h=2&f=webp" loading="lazy" alt="ESG funds worldwide that hold shares of Adani Green Energy lost its value after US prosecutors charged Gautam Adani (above) with suspected bribery. " class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5389520"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Adani shock exposes ESG fund managers clinging to ‘terrible’ bet" href="/esg/adani-shock-exposes-esg-fund-managers-clinging-terrible-bet" target="_blank">Adani shock exposes ESG fund managers clinging to ‘terrible’ bet</a></h3></div></div></div><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5386005" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/international/global/global-banks-weigh-halting-fresh-credit-indias-adani-after-us-indictment" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/006f522c8706ec95dd1a28298c9aa821baf7bec4a73cf956ff990af20f1b4ccf?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/006f522c8706ec95dd1a28298c9aa821baf7bec4a73cf956ff990af20f1b4ccf?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/006f522c8706ec95dd1a28298c9aa821baf7bec4a73cf956ff990af20f1b4ccf?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/006f522c8706ec95dd1a28298c9aa821baf7bec4a73cf956ff990af20f1b4ccf?q=20&w=3&h=2&f=webp" loading="lazy" alt="Gautam Adani Photographer: Sumit Dayal/Bloomberg " class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5386005"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Global banks weigh halting fresh credit to India's Adani after US indictment" href="/international/global/global-banks-weigh-halting-fresh-credit-indias-adani-after-us-indictment" target="_blank">Global banks weigh halting fresh credit to India's Adani after US indictment</a></h3></div></div></div><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5385468" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/companies-markets/sp-lowers-outlook-three-adani-units-after-us-indictment-founder" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/d0d917033b0ab1b67134d8f76a66db920b364c6cf903d2bca7b9f615295720a9?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/d0d917033b0ab1b67134d8f76a66db920b364c6cf903d2bca7b9f615295720a9?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/d0d917033b0ab1b67134d8f76a66db920b364c6cf903d2bca7b9f615295720a9?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/d0d917033b0ab1b67134d8f76a66db920b364c6cf903d2bca7b9f615295720a9?q=20&w=3&h=2&f=webp" loading="lazy" alt="Bonds and most stocks of the Adani Group dropped for a second session on Friday after the indictment." class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5385468"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="S&P lowers outlook on three Adani units after US indictment of founder" href="/companies-markets/sp-lowers-outlook-three-adani-units-after-us-indictment-founder" target="_blank">S&P lowers outlook on three Adani units after US indictment of founder</a></h3></div></div></div></div></div></div><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-imu2" class="adunit-component"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">“We were aware that something is afoot,” he said, adding the company disclosed as much to investors in its US$750 million 2024 bond offering, about US$175 million of which was raised from financial institutions in the United States.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The US indictment, however, says the bond offering “contained false and misleading assurance about, among other things, the Indian Energy Company’s (Adani Green’s) ‘corporate governance’ and touted ‘maintaining transparency and compliance in every aspect’”. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The charges also put the spotlight on Sagar Adani, a director at Adani Green and millennial scion of the company who kept track of hundreds of millions of dollars of alleged bribes to Indian officials on his mobile phone.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Singh said the group would make a more detailed comment once it has legal approval as the matter is before the courts. 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