TotalEnergies, which is a partner of India’s Adani group in renewable energy projects, will not make any new financial contribution as part of its investments in the group of companies until the ongoing U.S. investigations into Adani executives for corruption are clarified, the French supermajor said on Monday.
Last week, the U.S. Attorney’s Office for the Eastern District of New York and the Securities and Exchange Commission (SEC) separately charged executives of the Adani group of companies, including billionaire founder Gautam Adani – one of the world’s wealthiest people – of having offered bribes to Indian government officials to secure solar energy contracts and concealing the bribery scheme while obtaining funds from U.S. investors.
“As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and Gautam S. Adani, Sagar R. Adani, and Vneet S. Jaain lied about the bribery scheme as they sought to raise capital from U.S. and international investors,” stated Breon Peace, United States Attorney for the Eastern District of New York.
The SEC, for its part, charged Gautam Adani and Sagar Adani, executives of Adani Green Energy Ltd, and Cyril Cabanes, an executive of Azure Power Global Ltd, for conduct arising out of a massive bribery scheme.
TotalEnergies, which is not targeted nor involved in the facts described by the charges and indictment, is a minority shareholder with 19.75% in Adani Green Energy Limited (AGEL). The French oil and gas giant is also a joint-venture partner in project companies with AGEL.
Referring to the bribery charges and indictment, TotalEnergies said today that “Until such time when the accusations against the Adani group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani group of companies.”
“In accordance with its code of conduct, TotalEnergies rejects corruption in any form,” the supermajor said.
The fallout from the charges against Adani has been felt throughout the world. Following the U.S. indictment, Kenya’s President William Ruto last week canceled multimillion-dollar energy and airport expansion deals with Adani Group.
Source: By Charles Kennedy from Oilprice.com