The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

Business

SEC issues summons for Gautam Adani, nephew on bribery allegations

by admin November 26, 2024
November 26, 2024
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

0
FacebookTwitterGoogle +Pinterest
previous post
Can Starbucks fix long lines at its airport cafes?
next post
Putin’s ‘Fog of War’ missile confuses experts, but that’s his plan

Related Posts

McDonald’s is working to introduce a $5 value...

May 11, 2024

Procter & Gamble to cut 7,000 jobs as...

June 14, 2025

Microsoft’s mammoth AI bet will lead to over...

October 3, 2024

JetBlue and Spirit Airlines terminate $3.8 billion merger

March 5, 2024

USPS resumes shipments from China in abrupt about-face

February 6, 2025

Walgreens doubles down on prescription-filling robots to cut...

May 13, 2025

Here’s how Starbucks plans to improve its stores

July 2, 2024

Millennials reimagine retirement: ‘The end game might not...

February 5, 2025

Sam Bankman-Fried sentenced to 25 years in prison...

March 29, 2024

Biden administration seeks to avoid default crisis for...

January 17, 2025

    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.

    Latest

    • Bed Bath & Beyond relaunches with first store in Nashville, plans dozens more

      August 10, 2025
    • The Real Drivers of This Market: AI, Semis & Robotics

      August 10, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      August 10, 2025
    • Sydney Sweeney jeans controversy making advertising great again

      August 10, 2025
    • Nagasaki mayor issues chilling warning on 80th anniversary of atomic bombing

      August 10, 2025
    • Kash Patel celebrates major FBI achievements and record seizures during Trump’s first 200 days in office

      August 10, 2025

    Categories

    • Business (1,330)
    • Politics (4,206)
    • Stocks (1,577)
    • Uncategorized (45)
    • World News (1,323)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, 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 © 2025 thetraderharbor.com | All Rights Reserved