Connect with us

Hi, what are you looking for?

Oracle of  Omaha SaysOracle of  Omaha Says

Stock

SEC issues summons for Gautam Adani, nephew on bribery allegations

The U.S. Securities and Exchange Commission has issued a summons to Indian billionaire Gautam Adani, indicted on U.S. bribery allegations related to a bombshell federal indictment against him, a court filing showed.

The SEC is suing the head of the Adani Group and his nephew Sagar Adani, alleging they engaged in hundreds of millions of dollars in bribes to help an Adani company while “falsely touting the company’s compliance with antibribery principles and laws in connection with a $750 million bond offering.”

The summons requires an answer within 21 days, according to the filing dated Wednesday in federal court in the Eastern District of New York. The SEC suit seeks unspecified monetary penalties and restrictions on the Adanis from serving as officers of listed companies.

Adani Group representatives did not immediately respond to a Reuters request for comment on Sunday.

The group has denied the criminal charges as “baseless”. The group CFO said the indictment is linked to one contract of Adani Green Energy that makes up some 10% of its business, and that no other firms in the conglomerate were accused of wrongdoing.

Federal prosecutors issued arrest warrants for Gautam and Sagar Adani, alleging they participated in a $265 million scheme to bribe Indian officials to secure power-supply deals.

Authorities said Adani and seven other defendants, including his nephew Sagar, agreed to bribe Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India’s largest solar power plant project.

The crisis is the second in two years to hit the ports-to-power conglomerate founded by Adani, 62, one of the world’s richest people. The fallout was felt immediately, as billions of dollars were wiped off the market value of Adani Group companies and Kenya’s president canceled a massive airport project with the group.

This post appeared first on NBC NEWS
Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    A former Republican legislative candidate who traveled to Washington for former President Donald Trump’s ‘Stop the Steal’ rally was arrested Friday and charged with...

    Latest News

    Abbe Lowell, Hunter Biden’s attorney, filed an ethics complaint Friday against Georgia Rep. Marjorie Taylor Green after she displayed censured nude photos of the president’s...

    Stock

    Even as U.S. inflation broadly cools, frozen vegetable prices are hot. The average shelf price for frozen veggies rose by 18% in the past year...

    Latest News

    President Biden has overruled the Pentagon and chosen Adm. Lisa Franchetti to lead the Navy, making her the first woman, if she’s confirmed, to...

    Disclaimer: Oracleofomahasays.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 Oracleofomahasays.com