The group owned by Gaudam Adani is the subject of an indictment for fraud and corruption issued by the American justice system.
It is never comfortable for a company to see one of its major partners indicted for fraud and corruption, moreover by the American justice system, which is known for its ability to apply a principle of extraterritoriality. This is precisely what is happening to TotalEnergies since Gautam Adani, boss and founder of the Adani group, is the subject of a 54-page indictment issued by the Americans, with several of his associates, including his nephew Sagar Adani, himself at the head of Adani Green Energy Limited (Agel).
However, since January 2021, TotalEnergies has held 19.75% of Agel. The company, which seeks to develop in India in renewable energies and gas (natural and biogas), also holds a 50% stake in 3 joint ventures with AGEL exploiting renewable assets, in detail, AGEL23 in 2020 , AREL9 in 2023 and AREL64 in 2024.
« In accordance with its Code of Conduct, TotalEnergies rejects corruption in all its forms”
TotalEnergies
«TotalEnergies learned through public announcements made by the American authorities of the indictment of certain executives of the Adani group in connection with alleged corruption linked to the activities of Adani Green Energy Limited (AGEL). The indictment does not target the AGEL company itself, nor any company linked to AGEL» TotalEnergies reported.
«In accordance with its Code of Conduct, TotalEnergies rejects corruption in all its forms“. The company headed by Patrick Pouyanné also specifies that it is “notneither targeted nor involved in the facts described in this indictment, will take all necessary measures to protect its interests“. The Frenchman, however, draws the consequences of this indictment without delay, announcing that he “will not make any new financial contribution as part of its investments in the Adani group of companies».
TotalEnergies escaped the stock market tsunami. While Adani's stock has lost more than 20% over the last five days, that of TotalEnergies has only lost 1.28%.
