The list of Adani Group stocks is in focus today. Representatives for Indian billionaire Gautam Adani and his companies met officials from the U.S. President Donald Trump’s administration to seek dismissal of the criminal charges against him in an overseas bribery probe, Bloomberg News reported on Sunday, citing people familiar with the matter. The talks, which began earlier this year, gained momentum in recent weeks and could yield a resolution in the coming month or so, if the pace persists, according to the report.
In November, U.S. authorities indicted Adani and his nephew, Sagar Adani, alleging that they paid bribes to secure Indian power supply contracts, and misled U.S. investors during fund raises there.
The SEC summoned Adani and his nephew, alleging they paid millions in bribes to Indian officials while misrepresenting antibribery compliance during a $750 million Adani Green Energy bond offering.
Adani’s representatives are trying to make the case that his prosecution does not align with Trump’s priorities and should be reconsidered, Bloomberg News reported. An Adani Group representative, spokespeople for the Justice Department and White House declined comment to Bloomberg on the report.
The Adani Group, the White House, and the U.S. DOJ did not immediately respond to Reuters’ requests for comments.
Late last month, Adani Green said its review of the U.S. indictment found no non-compliance or irregularities.
Earlier in November, the US Attorney’s office in New York released a press release stating that a five-count criminal indictment was unsealed in federal court in Brooklyn charging Gautam Adani, Sagar Adani and Vneet Jaain, with conspiracies to commit securities and wire fraud and substantive securities fraud. Lisa H Miller, Deputy Assistant Attorney General for the Justice Department’s Criminal Division, in a release, had stated, “This indictment alleges schemes to pay over $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice.”
In a parallel move, the Securities and Exchange Commission had charged Gautam Adani and Sagar Adani, and Cyril Cabanes, with conduct arising out of a massive bribery scheme.
(With inputs from Reuters)