New Delhi: Representatives for Indian billionaire Gautam Adani met officials from Trump’s administration to seek dismissal of criminal charges in an overseas bribery probe, with a resolution possible in a month.
In November, US authorities indicted Adani and his nephew, Sagar Adani, alleging they paid bribes to secure power supply contracts, and misled US investors during fund raises there. The US financial regulator summoned the duo, alleging they misled investors on compliance during a $750 million Adani Green bond sale in the US.
The billionaire’s aides are trying to make the case that his prosecution does not align with Trump’s priorities and should be reconsidered, Bloomberg News reported on Sunday, citing sources familiar with the matter.
The discussions began earlier this year and have picked up in recent weeks, with a resolution possible within a month if the momentum continues, the report said.
Adani Green, in a statement on Monday, reiterated it was not part of any proceedings, but it did not directly comment on the report about the meetings. It had recently said its review of the indictment found no non-compliance or irregularities.
Adani Enterprises, the group’s flagship firm, also did not respond to a request for comment. The group has previously denied any wrongdoing.
Shares of Adani Group’s nine Indian listed firms rose between 1.7 per cent and 10.5 per cent on Monday, amid a 0.6 per cent increase in the broader market. The indictment has erased about $13 billion in market value from Adani Group’s nine listed firms.