Indian billionaire Gautam Adani is one of the world's richest people, heading the country's largest conglomerate Adani Group, which in 2020 won a bid to supply eight gigawatts of electricity to a state-owned firm through its renewable energy arm, Adani Green Energy.
That deal was what Adani called the single largest solar development bid ever awarded.
But all this was called into question when US prosecutors alleged a bribery scheme in criminal and civil charges related to the bid, unsealed on Nov 20.
US prosecutors alleged that Mr Adani and seven others, including his nephew, promised to pay bribes to Indian government officials to win solar energy contracts.
The bribes are said to be over US$250 million (S$336.5 million) for solar contracts worth an estimated US$2 billion over 20 years.
The prosecutors alleged that this plan was concealed as the group tried to raise money from US investors.
The Adani Group denied the charge, saying the allegations were "baseless". It said it will seek legal recourse to defend itself.
The indictment wiped out US$27 billion in market value in the listed companies under the Adani Group umbrella when it was first announced.
The group has businesses spanning ports, airports, manufacturing and energy.
The saga has hit the global financial sector, affecting businesses like French oil firm TotalEnergies, which holds a stake in Adani Green Energy, as well as some 770 environmental, social and governance (ESG) funds that hold its shares.
Could lenders and investors have been forewarned of the crisis? What implications does it have on the financial sector here?
HOW WILL THE ADANI INDICTMENT IMPACT INVESTORS AND BANKS?
Investors exposed to Adani's listed companies could feel a financial pinch if the shares lose market value as a result of reputational damage, said corporate governance expert Lawrence Loh.
This story is from the November 27, 2024 edition of The Straits Times.
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This story is from the November 27, 2024 edition of The Straits Times.
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