Adani, Nephew Not Charged Under US Foreign Corrupt Practices Act: Adani Green

"Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of the FCPA," the Adani Group said on Wednesday.

New Delhi:Adani Group on Wednesday said in a statement the chairman of the conglomerate Gautam Adani and his nephew Sagar Adani have not been charged with any violations of the US Foreign Corrupt Practices Act (FCPA) in the indictment filed by US authorities in a court in a bribery case.

Gautam Adani, Sagar Adani and another key executive, Vneet Jaain, were charged by the US Department of Justice with being part of an alleged scheme to pay USD 265 million in bribes to Indian officials to win contracts for the supply of solar electricity that would yield USD 2 billion profit.

In a stock exchange filing, Adani Green Energy Ltd, which is at the centre of the bribery allegations, said reports claiming that the three have been charged with FCPA violations "are incorrect".

They have been charged with offences that are punishable with a monetary fine or penalty.

"Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or civil complaint of the US SEC.

"These directors have been charged on three counts in the criminal indictment, namely (i) alleged securities fraud conspiracy, (ii) alleged wire fraud conspiracy, and (iii) alleged securities fraud," the filing said. The group had earlier denied the allegations in the US filing and pledged to take necessary legal course.

A criminal indictment has been filed before the United States District Court Eastern District of New York by the Department of Justice in the case of USA against Gautam Adani, Sagar Adani and Vneet Jaain.

"The indictment does not specify any quantum of any fine/penalty," the company said.

The civil complaint alleges that the executives violated certain sections of the Securities Act of 1933 and the Securities Act of 1934, and aided and abetted Adani Green Energy Limited's violation of the Acts, it said.

"Although the complaint prays for an order directing the defendants to pay civil monetary penalties, it does not quantify the amount of penalty," it said.