Indian parliament suspended over Adani bribery charges
25 November, 2024 19:03
Indian parliament was suspended after opposition lawmakers disrupted it and demanded a discussion over bribery charges against the Adani Group and Adani dollar bond prices plunged to one-year lows as investors and lenders weighed the case.
Last week, Gautam Adani and seven other people were charged by US with agreeing to pay around $265 million in bribes to Indian government officials.
The allegations related to alleged payments to get contracts, which could yield $2 billion of profit over 20 years, as well as to develop India’s largest solar power project.
The allegations also included issuing misleading statements to the public despite being made aware of the US investigation in 2023.
The Adani Group has said the charges as well as those levelled by the US Securities and Exchange Commission in a parallel civil case are unfounded and that it will seek “all possible legal recourse”.
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