Following a recent JP Morgan report dismissing the likelihood of bribery within the Adani Group due to the transparent nature of the renewable energy sector in India, the conglomerate responded to allegations of bribery investigations from the US Department of Justice (DoJ). In a statement filed with the stock exchange, the Adani Group clarified that they have not been officially notified by the DoJ regarding any such allegations and labeled the media reports as false.
Reports surfaced last weekend, notably from Bloomberg, suggesting that US prosecutors from the Attorney's Office and the DoJ are scrutinizing an Adani Group entity along with Azure Power Global for potential bribery offenses.
In a separate disclosure, Adani Green Energy Ltd affirmed that they have not received any formal notice from the DoJ but acknowledged being aware of an ongoing investigation into potential violations of US anti-corruption laws involving a third party.
The company asserted its lack of involvement with the third party under scrutiny, thereby refraining from commenting on the specifics of the investigation. Adani Green emphasized its detachment from any potential violations and expressed its inability to address the scope of the alleged dealings with the third party.
The JP Morgan report, referenced in the midst of these allegations, underscored the minimal financial impact anticipated even if investigations progress to prosecution. It highlighted the transparency inherent in India's renewable energy tendering processes, suggesting a low probability of significant corruption or bribery within the sector.
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