According to a court filing, Indian billionaire Gautam Adani is being summonsed by the US Securities and Exchange Commission ( SEC ) because of allegations that he allegedly bribed the US into paying for a massive federal indictment against him.
The Adani Group’s nose and his brother Nagar Adani are facing legal action from the SEC, alleging that they “falsly touted the company’s compliance with antibribery principles and laws in connection with a US$ 750 million relationship providing” and “falsifiedly touting their compliance with antibribery principles and laws.”
According to the filing from federal court in the Eastern District of New York on Wednesday ( Nov 20 ), the summons calls for an answer within 21 days. The Adanis are subject to unspecified financial sanctions and regulations in the SEC lawsuit.
On Sunday, Adani Group members did not respond to a Reuters request for comment right away.
The team has denied the legal fees as “baseless”. No other companies in the company have been accused of wrongdoing, according to the group’s chief financial officer, who claimed the indictment is related to one deal with Adani Green Energy, which accounts for 10 % of the company’s revenue.
Gautam and Sagar Adani are accused of being a part of a$ 264 million plot to bribe American authorities to secure power-supply offers and have been arrested by federal authorities.
Authorities claimed Adani and seven different defendants, including his brother Agar, agreed to pay pay American state officials to secure contracts that would enable the development of India’s largest solar power grow project, which would cost US$ 2 billion over 20 years.
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 Adani Group companies ‘ billions of dollars were immediately wiped off the market value, and Kenya’s president abruptly canceled a sizable airport project with the group.