The SEC is suing Adani Group's head and his nephew Sagar Adani, accusing them of paying hundreds of millions in bribes to benefit an Adani companyIndian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel Jan 31, 2023. REUTERS/Amir CohenIndian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel Jan 31, 2023. Adani Group representatives did not immediately respond to a Reuters request for comment on Sunday. Federal prosecutors issued arrest warrants for Gautam and Sagar Adani, alleging they participated in a $265 million scheme to bribe Indian officials to secure power-supply deals. The fallout was felt immediately, as billions of dollars were wiped off the market value of Adani Group companies and Kenya's president canceled a massive airport project with the group.

Source: bd News24 November 24, 2024 14:44 UTC