Audio By Carbonatix
Indian billionaire Gautam Adani and his nephew Sagar Adani have agreed to pay a combined $18m in penalties to settle a civil fraud lawsuit filed by the US Securities and Exchange Commission.
In 2024, the regulator had accused the Adanis of paying bribes to Indian officials for high-profile renewable energy projects and misleading US investors about anti-bribery practices while trying to raise funds through a bond offering.
The proposed deal is subject to a court's approval but markets responded positively to the developments, with Adani Group firm shares rising on Friday.
The Adani Group is one of India's largest business conglomerates with interests in sectors including energy and airports.
The proposed agreement, which does not include any admission or denial of the allegations, also bars the Adanis from future violations of key US anti-fraud laws covering investor deception, securities fraud and market manipulation.
In the 2024 lawsuit, the securities regulator had also accused the Adanis of raising $750m, including approximately $175m from US investors, while allegedly misleading them about Adani Green Energy's compliance with anti-bribery laws. The Adani Group has called the allegations "baseless".
According to Forbes, the 63-year-old Adani is worth $82bn, making him one of the world's richest people.
Separately, the New York Times, Reuters and Bloomberg reported on Thursday that the US Department of Justice was moving to drop criminal fraud charges against the Gautam Adani.
The New York Times reported that the justice department's reversal came after Adani hired a new team of lawyers led by Robert J Giuffra Jr, head of one of the most powerful law firms in the US and one of President Donald Trump's personal legal advisers.
Giuffra was one of the lawyers that Trump hired to appeal against his criminal conviction in the hush-money payment case .
According to reporting from the Times, Giuffra met last month with justice department officials, to lay out concerns about the case.
He also reportedly noted that Adani would invest $10bn in the US and create 15,000 jobs if prosecutors dropped the charges against him, repeating a pledge Adani made to Trump shortly after he won the 2024 presidential election.
Sources reportedly told the Times that the dismissal reflected a broader move away from prosecuting foreign bribery cases under the Trump administration.
The BBC has reached out to the US Department of Justice and the Adani Group for a response.
Latest Stories
-
Hezbollah rejects renewed ceasefire agreed by Israel and Lebanon
9 minutes -
Court warns of striking out Mamprobi baby theft case over disclosure delays
12 minutes -
Former Council of State member urges collective action for vulnerable children
16 minutes -
Construction of 2 GARID retention ponds expected to begin this year – Hydrological Authority
28 minutes -
World Environment Day: Oheneba Poku Foundation bemoans illegal mining impact around Lake Bosomtwe
37 minutes -
Brutality of French colonial footprint in Africa resurfaces
50 minutes -
MTN shuffles continental leadership to power Ambition 2030
50 minutes -
Buipewura Abdulai Jinapor II honours GoldBod CEO for leadership and service to Ghana
59 minutes -
Gov’t acknowledges unemployment challenge, appeals for public support – Vice President
1 hour -
Police arrest 45-year-old man over alleged rape and murder of 17-year-old girl in Agona Nkwanta
1 hour -
Council of State member urges traditional leaders to support national development
1 hour -
Wa West, Batié leaders push for border integration and shared development
1 hour -
Prof. Akin Akinpelu begins service as AU Agenda 2063 Ambassador for Political Affairs in Africa
2 hours -
Greater Accra Regional Minister orders audit of all multi-storey buildings after June 3 disasters
2 hours -
9-year-old left traumatised after court-ordered eviction displaces her family
2 hours