Three former executives of the Caisse de dépôt are accused of corruption by the American authorities in connection with a major investment by the institution in a solar energy company in India.
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In an indictment released Wednesday, the United States Department of Justice alleges that Cyril Cabanes, Saurabh Agarwal and Deepak Malhotra conspired to participate in a corruption case involving Indian billionaire Gautam Adani.
Deepak Malhotra was an executive at Caisse de dépôt from 2018 to 2023.
Photo CDPQ
More than US$250 million in bribes
According to Washington, the scheme involved paying more than US$250 million (C$350 million) in bribes to Indian government officials to obtain multibillion-dollar solar power contracts.
At the heart of this scandal are the giant Adani Group and the Indian company Azure Power Global, which the Caisse has controlled since 2020 after investing more than $600 million.
Saurabh Agarwal was an executive at the Caisse de dépôt from 2017 to 2023.
Photo CDPQ
The Securities and Exchange Commission (SEC), the American financial markets watchdog, has also filed charges against Mr. Cabanes for having “facilitated the authorization of bribes” in connection with this affair.
The three men were employed by the Caisse for several years. MM. Agarwal and Malhotra were based in India while Cyril Cabanes worked at the institution’s Singapore office. MM. Cabanes and Malhotra represented the Quebec institution on Azure’s board of directors.
“The Fund is informed that charges have been brought in the United States against certain former employees,” the institution responded in a laconic statement. These employees were all dismissed in 2023 and the Fund is cooperating with the American authorities.
