Paris: The French giant TotalEnergies announced Monday that it would not make a “new financial contribution” as part of its holdings linked to the Indian group Adani, whose founder was indicted on Wednesday for corruption by the American justice system. Indian tycoon Gautam Adani is accused by federal justice in New York of having paid hundreds of millions of dollars in bribes to obtain solar energy contracts with the Indian government, to the detriment of American investors .
The shares of the Adani empire – whose activities extend from coal mines and renewable energies to ports and airports and even the media – had tumbled on the Bombay Stock Exchange on Thursday, before recovering on Friday.
In its press release on Monday, TotalEnergies specifies that in January 2023 it acquired a minority stake in the listed company Adani Green Energy Limited (Agel), of which it now holds 19,75%. He also acquired a stake in 50% in 3 joint ventures with Agel exploiting renewable assets.
“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. The indictment does not target the Agel company itself, nor any company linked to Agel“, declares the group.
Stressing that it is “neither targeted nor involved in the facts described in this indictment“, TotalEnergies indicates that it “will take all necessary measures to protect its interests as a minority shareholder (19,75%) of Agel and as a partner (50 %) in joint ventures with Agel“.
“Until the accusations against the directors of the Adani group 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“, the press release continues.
TotalEnergies “recalls that its investments in Adani entities were made in compliance with applicable laws and with its own internal governance processes“and that he has”not been informed of the existence of an investigation into the alleged acts of corruption“.
(c) AFP
Commenter TotalEnergies caps its exposure to the Adani group
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