Adani Group CFO Jugeshinder Singh Clarifies US Bribery Allegations, Says 'None Of The Subsidiary Companies Are Accused Of Any Wrongdoings'

In a post on the microblogging site X, group CFO Jugeshinder Singh stated that the bribery accusations against the Adani group by US prosecutors only applied to one contract of Adani Green Energy, 'which is roughly 10 per cent of the overall business of Adani Green.'

Two days ago, we realized how 'specific' this is. We knew something was going on, and we revealed it in February 2024,' Singh wrote. He noted that following its FY23 annual results, this was the first public issuance of any of its subsidiaries, joint ventures, or portfolio companies.

US attorney and Justice Department charged Adani and others

Gautam Adani and seven other individuals were charged with bribing Indian government officials to secure solar energy contracts in an indictment filed by the US Department of Justice and the US Securities and Exchange Commission on Thursday. They had issued bonds to raise money from US investors during that time, and they had misled and deceived them.

CFO's about specific company's

The Adani group's CFO Jugeshinder Robbie Singh said in his long post on the social media, 'None of the issuers have accused (companies in our portfolio or specific issuers that are subsidiaries of the public companies) of any wrongdoings'

CFO's comment on news organisation

Numerous news articles and reports attempt to select irrelevant topics in order to generate a headline. After thoroughly reviewing the issue as it is presented in the legal filing, I humbly ask that we respond as soon as possible," Singh wrote in his post.

As stated by the US DOJ, "these are allegations and accused have presumption of innocence," he continued, adding that no court had rendered a decision on the issue.