Adani Power was trading around 6% higher at Rs 548, while Adani Green, Adani Energy Solutions, Adani Enterprises, Adani Ports, and NDTV were up around 4–5% each, as the news is sentimentally positive for the airports-to-Apple conglomerate.
“The Trump administration is retreating from some types of white-collar law enforcement, including cases involving foreign bribery, public corruption, money laundering, and crypto markets. In some cases, the administration is effectively redefining what business conduct constitutes a crime,” The Wall Street Journal said.
Earlier in February, US President Donald Trump signed an executive order pausing prosecutions under the Foreign Corrupt Practices Act (FCPA), a nearly 50-year-old anti-bribery law central to allegations against the Adani Group, which is facing US legal scrutiny over an alleged $265 million bribery scheme.
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Trump’s executive order in February said bribery prosecutions hurt the ability of American companies to compete overseas, punishing them for practices that are routine in some parts of the world, the report said, adding that the pronouncement could upend dozens of cases and investigations.
Lawyers for billionaire Gautam Adani are asking the US Justice Department to drop criminal charges tied to an alleged foreign-bribery scheme against him and other executives of his companies, WSJ said, citing people familiar with the matter.
In November last year, the United States Department of Justice and the US Securities and Exchange Commission (SEC) had issued an indictment and a civil complaint, respectively, in a US court and alleged that Adani executives paid over $250 million in bribes to Indian officials in exchange for favourable terms on solar power contracts. Adani Group has strongly denied it as “baseless”.
According to US prosecutors, Gautam Adani, alongside seven other executives, falsified records to secure billions of dollars in investments from Wall Street while simultaneously orchestrating a scheme to pay or plan to pay over $250 million in bribes to Indian government officials to secure lucrative energy contracts.
The indictment also accused Gautam Adani, Sagar Adani, and Vneet Jaain of concealing the bribery scheme while raising over $3 billion through loans and bond offerings.
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