"The United States Securities and Exchange Commission (SEC) settled a civil lawsuit against Indian billionaire Gautam Adani for bribing Indian officials and lying to US investors, according to court documents published Thursday. The settlement is subject to court approval. International media reported that the Department of Justice was also close to dropping related criminal charges of fraud against Adani. Court documents show that Gautam Adani agreed to pay civil penalties of $6 million (5.2 million), while his nephew Sagar Adani, another leader at Adani Green Energy, agreed to pay $12 million. The proposed settlement doesn't include an admission of guilt."
"US prosecutors brought the charges against Adani in 2024 under former US President Joe Biden's administration. The allegations largely being about bribes allegedly paid to Indian officials to win a lucrative solar contract in India. Even so, Adani took a hit after his stocks crashed up to 23% on news of the charges in 2024. Why are the charges against Adani being dropped? US prosecutors moved to drop the charges against Adani soon after he hired a new set of lawyers led by Ribert Giuffra, one of US President Donald Trump's personal lawyers, the Times reported, citing multiple unnamed sources with knowledge of the case."
"The report said that in a meeting between defense lawyers and prosecutors in April, Giuffra ticked through over 100 slides presenting why prosecutors lacked basic evidence against Adani and the jurisdiction to bring such a case against him. One such slide offered that if prosecutors were to drop their charges against Adani, the Indian billionaire "
"This comes after The New York Times reported that the US SEC and Department of Justice were close to dropping their charges against Adani while implementing financial penalties and receiving a pledge to invest $10 billion in the United States. The proposed settlement doesn't include an admission of guilt. The settlement is subject to court approval."
The SEC settled a civil lawsuit involving Gautam Adani for alleged bribery of Indian officials and alleged lying to US investors. The settlement requires court approval and includes civil penalties of $6 million for Adani and $12 million for his nephew Sagar Adani. The proposed settlement does not include an admission of guilt. Reports also indicated the Department of Justice was close to dropping related criminal fraud charges. US prosecutors brought the charges in 2024, and the allegations centered on bribes allegedly paid to win a solar contract in India. Adani’s stock price fell sharply after the charges were announced. Prosecutors reportedly moved to drop the charges after Adani hired lawyers led by Ribert Giuffra, who presented arguments about lack of evidence and jurisdiction.
#sec-settlement #gautam-adani #alleged-bribery #us-investor-misstatements #department-of-justice-criminal-charges
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