Adani Group CFO says bribery case accused will come clean in 10 days: Report

Adani Group’s chief financial officer said that those accused by US authorities of being involved in a $265 million bribery scheme, including Chairman Gautam Adani, will clear the matter with the US Justice Department within 10 days, Reuters reported.

“As a group there will be no action (on the US allegation), but individuals will take action,” Adani Group CFO Jugeshinder Singh told reporters on the sidelines of an event in Mumbai.

Singh expressed confidence and said there is nothing to affect their investment plans in logistics and energy. The conglomerate will continue to invest in logistics over the next 20 years, he added.

Meanwhile, the Ministry of External Affairs (MEA) said the Indian government was not informed in advance by the US Attorney General, accusing Adani and others of bribery and fraud.

In a Nov. 29 statement, MEA spokesman Randhir Jaiswal said it was a legal matter involving private firms and individuals and the US Department of Justice. “In such cases, there are established procedures and legal avenues that, in our opinion, should be followed. The Government of India was not informed in advance about this,” he added.

The Ministry of Foreign Affairs stated that any request by a foreign government to serve a summons/arrest warrant is part of mutual legal assistance. Such appeals are considered on their merits. “We have not received any inquiry regarding this case from the US side,” the MEA said on whether the US had sent a summons or warrant to the Indian mission in Washington in the Adani case.

The group maintained that there were no allegations of bribery against Gautam Adani and other group executives. He also noted that his portfolio companies have sufficient liquidity to cover all debt service requirements for at least the next 12 months.

Last week, US authorities indicted Adani, his nephew and chief executive Sagar Adani and AGEL managing director Vneet S. Jain in engaging in a scheme to pay bribes to obtain Indian electricity contracts and to mislead American investors.

Adani Group denies the allegations in the US indictment as without merit and says it will pursue all legal remedies.