Gautam Adani, Indian energy tycoon and his country's second-richest, faces a resounding indictment in the United States. Accused of having orchestrated a system of bribes to secure lucrative energy contracts in India, he sees his empire falter.
Adani: a historic stock market fall
The scandal caused shock waves on the financial markets. In just one day, shares of Adani Enterprises lost 23.4%, while those of Adani Energy Solutions, directly implicated in corruption accusations, fell 20 %. This descent into hell forced the conglomerate to cancel a $600 million fundraising planned on the American markets. According to analysts, this debacle reflects the growing distrust of international investors towards the group's practices. Despite a categorical denial from the conglomerate describing the accusations as “unfounded”, the crisis weakens an empire still weighing billions of dollars.
According to U.S. Attorney Breon Peace, Gautam Adani and several of his associates, including his nephew Sagar Adani, allegedly paid more than $250 million in bribes between 2020 and 2024. These sums were intended to convince Indian officials to impose electricity purchase contracts at inflated rates, for the benefit of the Adani Group.
The case takes an even more serious turn with the evidence collected by the FBI: telephone recordings and incriminating documents were allegedly seized, detailing the mechanisms of this system. By concealing these practices from his financial partners, Gautam Adani also allegedly violated the American anti-corruption law, the Foreign Corrupt Practices Act (FCPA), thus exposing his group to severe sanctions.
Controversial links with Indian power
The close relationship between Gautam Adani and Indian Prime Minister Narendra Modi has been the subject of criticism for years. According to the Indian opposition, this proximity would have allowed the businessman to build his empire by circumventing the rules. Opposition figure Rahul Gandhi denounced “systematic protection” granted by Modi, accusing the government of being complicit in fraudulent practices.
However, the Adani group strongly rejects these accusations, emphasizing that its contracts were obtained through transparent tenders. But the multiplication of scandals, notably that of 2023 with the revelations of Hindenburg Research on stock market manipulationfuels suspicions of collusion between the conglomerate and those in power.
The scandal is not limited to India. Foreign partners, like the French group TotalEnergieswhich has been working with Adani Green Energy since 2018, find themselves unwillingly involved in this affair. TotalEnergies has invested more than 4 billion euros in joint projects with the Adani group, particularly in renewable energies. Furthermore, in Kenya, President William Ruto has already taken drastic measures by canceling partnerships with Adani, denouncing opaque practices.
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