Adani Group faces $40 billion fallout amid bribery scandal
There has been a scandal at Adani Group. The Indian conglomerate faces significant issues after Gautam Adani and his nephew Sagar Adani were accused of bribing for contracts in India. According to Reuters, the value of Adani Group has fallen by $40 billion CAD.
American prosecutors have accused Gautam Adani, head of Adani Group, of involvement in a corruption scheme amounting to $360 million CAD.
According to Reuters, Adani, along with seven other people, including his nephew Sagar Adani, allegedly bribed Indian officials. The goal was to secure contracts generating $2.7 billion CAD in profit over 20 years and develop India's largest solar power plant project.
Adani Group in trouble
Reuters reports that Adani Group shares lost about $40 billion CAD in value as a result of the allegations.
Business Insider Poland adds that Adani Green Energy, a part of the conglomerate, cancelled a $810 million CAD bond issue, further contributing to the decline in bond prices.
Business Insider Poland reports that Adani's wealth is estimated at nearly $95 billion CAD. In 2022, Gautam Adani surpassed Amazon founder Jeff Bezos on the list of the world's richest people.
