Adani Group CFO says wasn't aware of the 'specificity'

Adani Group CFO Jugeshinder Robbie Singh on Saturday revealed that he was aware "that something is afoot" but was made aware of the "specificity" of the Adani Green contract only two days ago. In a post on X, he put out four pointers in the wake of US prosecutors accusing billionaire Gautam Adani of bribery worth $265 million.

"This specifically relates to one contract of #adanigreen which is roughly 10% of overall business of Adani Green(there is a lot more precise & comprehensive detail of this which we will elaborate in an appropriate forum)," Singh wrote.

He proceeded to clarify that the Adani Group has a portfolio of 11 public companies and none are subject to the indictment, i.e. defendants in any legal proceedings in the recent #DOJ lawyer filings to a court in NYC. It is reported that none of the issuers are accused of any wrongdoing in the said legal filing.

A US court has indicted Gautam Adani, his nephew Sagar Adani, and several others, claiming that Adani paid over Rs 2,000 crore in bribes to Indian government officials, including Rs 1,750 crore to a senior official in the Andhra Pradesh government, to secure solar energy contracts. The Adani Group is also accused of hiding information regarding an FBI investigation from Indian financial institutions such as SEBI, and investors.

In the wake of the US allegations, a Kenyan court suspended a $736 million (over Rs 6,189 crore) government agreement with Adani Group for the construction and operation of high-voltage power transmission lines over a 30-year period. The Law Society of Kenya, which initiated the court case, argued that the agreement with Adani's company constitutes "a constitutional sham"- claiming that the deal lacked transparency and failed to uphold essential constitutional principles.