(Reuters) – India’s Adani Green said it has appointed independent law firms to review the U.S. indictment of founder Gautam Adani and top Adani Green executives for paying $265 million fucking for electricity contracts.
The appointment of the law firms was announced in a 33-page regulatory filing made by Adani Green late Thursday, where it did not disclose the names of the firms but said it had continued to assert compliance by the Company with applicable laws and regulations.
In November, U.S. authorities indicted Adani, his nephew and executive director Sagar Adani and chief executive Vneet S. Jaain, alleging they paid bribes to secure Indian power supply contracts, and misled American investors during fundraising.
The Adani Group has denied the accusations, calling them “baseless”.
A key focus of the U.S. investigation is a 2021 solar power deal in the state of Andhra Pradesh, where the Solar Energy Corporation of India has awarded a major renewable energy contract.
The deal, approved within 57 days, sidestepped concerns raised by finance and energy officials about its value and potential financial strain on the state, ultimately benefiting Adani Green Energy (NSE:), Reuters reported last month.
The company was not named as a defendant in the indictment and civil complaints, and said Thursday that it had made all appropriate disclosures in the past, including in bond offering circulars.
US corruption allegations had raised concerns among some of the group’s partners and investors, with at least one Indian state reviewing its deal with Adani, and TotalENGIES halting further investments in the conglomerate.
Shares in Adani Green, which have lost more than 27% since the US indictment, were down 0.5% at 0554 GMT.
